Ethereum bulls have broken the minor resistances at $1,600 and $1,700 as price reaches the high of $1,760. However, the selling pressure at a recent high has made upward move impossible.
Traders believe that a retest at the $2,000 overhead resistance is likely if the minor resistance levels are cleared. However, the current uptrend is facing resistance at the $1,800 resistance zone. The bottom line is that once the price is sustained above the $1,800 support, a rally to $2,000 overhead resistance is likely. Besides, the ETH/USD will resume upside momentum. Conversely, if price falls and breaks below the $1,600 support, Ether will decline and fall into the previous range-bound zone. Presently, Ether is fluctuating between $1,680 and $1,800 but it is trading at $1,720.35 at the time of writing.
Ether has made a positive move as it breaks above the 21-day and 50-day SMAs. The market is expected to rise if the current bullish momentum is sustained. The price is above the 50% range of the daily stochastic. This indicates that the market has bullish momentum.
Major Resistance Levels – $2,500 and $2,700
Major Support Levels – $1.500 and $1,300
From the price action, Ethereum is making positive moves as it approaches the $1,800 high. Meanwhile, the Fibonacci tool has indicated an upward move of Ethereum. On March 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will rise and reach level 1.618 Fibonacci extension or the high of $1,787.12.
Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.