Ethereum Oscillates In Range, But Struggles Below $1,850 Barrier Line

Mar 31, 2023 at 11:50 // Price
Coin Idol
Ether has been trapped in a small range

The Ethereum price (ETH) is oscillating below the resistance level of $1,850.

Long-term analysis of the Ethereum price: fluctuation range

Since March 17, the $1,850 resistance level has held back the uptrend. At the time of writing, the largest altcoin is trading at a high of $1,793.90. Ether can only be bought for a price between $1,700 and $1,850. Over the past two weeks, Ether has been trapped in a small range. Buyers have made numerous attempts to overcome the high at $1,850. The support level of $1,700 was also successfully defended by the bulls. ETH /Once the fluctuation range is broken, the USD will develop a new trend. If the uptrend manages to break through the resistance at $1,850, Ether will rise to the psychological mark of $2,000. Similarly, once the $1,600 support is breached, the altcoin will fall.

Analysis of Ethereum indicators

In period 14 of the Relative Strength Index, Ether is at level 57, and although it is consolidating below the recent high, the largest altcoin is currently in an uptrend. While the price of Ether fluctuates within a narrow range, the price bars have remained above the moving average lines. The moving average lines show a sideways trend. Ether is moving above the daily stochastic cutoff point of 40.

ETHUSD(Daily Chart) - March 31.23.jpg

Technical indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

Over the past two weeks, Ethereum has been moving sideways. The price range of $1,700 to $1,850 was the limit of the price movement. Day by day, there was no change in the price movement. The altcoin does not have an uptrend yet because there are not enough buyers at higher prices. A price reversal could break the current resistance.

ETHUSD_(4 Hour Chart) March 31.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are 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 in funds.

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