Ethereum Rebounds as Bulls Resume Upside Momentum

Mar 13, 2021 at 10:47 // News
Coin Idol
The price has fallen above the moving averages

Ethereum bulls have continued to sustain recent rallies despite the recent fall to the $1,700 support. Presently, the price has fallen above the moving averages.

If Ether rebounds above the moving averages, buyers will have the opportunity to retest the $1,800 resistance. Traders believe that a breakout above this crucial resistance will catapult the ETH/USD above the $2,000 high. In the previous price action on March 9, the bulls were repelled at the $1,873 high. 

The bulls could not sustain the bullish momentum to retest the $2000 overhead resistance. Today, the price is approaching the moving averages and if the bears break the SMAs, Ether will further decline to $1,600 or $1,400 low. Ethereum is trading at $1,753.20 at the time of writing.

Ethereum Indicator Analysis  

The market is above the 80% range of the daily stochastic. It indicates that the price has reached the overbought region of the market. There is a tendency for price to fall. However, in a trending market, the overbought condition may not hold. The price is also at level 49 of the Relative Strength Index. It indicates that there is a balance between supply and demand.

ETH - Coinidol.png

Technical indicators:  

Major Resistance Levels – $2,500 and $2,700

Major Support Levels – $1.500 and $1,300

What Is the Next Direction for Ethereum? 

The biggest altcoin is likely to resume upward if the $1,700 support holds. Meanwhile, on March 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will rise and reverse at level 1.272 Fibonacci extension or the high of $1,989.56.

ETH - Coinidol 2 chart.png

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.

Show comments(0 comments)