Ethereum Bulls Run Into Resistance Zone, Might Face Rejection above $1,500 Excessive

Mar 01, 2021 at 13:31 // Information

The market is likely to rise if the current bullish momentum is sustained

On March 1 Ethereum had risen above $1,500 on the time of writing. The market is prone to rise if the present bullish momentum is sustained however face resistance on the $1,700 excessive.

Ethereum Worth Lengthy-Time period Evaluation: Bullish 

On February 28 the largest altcoin rebounded above $1,300 assist as Ethereum (ETH) commenced the resumption of an upward transfer. For the previous 48 hours, the upward transfer has been ongoing. 

Now Ethereum has all possibilities to rise above the SMAs; which is able to propel the altcoin to rise within the bullish pattern zone. Moreover, a retest on the $2,000 overhead resistance is probably going. Conversely, if the bulls fail to interrupt the preliminary resistance at $1,700, the market will likely be range-bound between $1,300 and $1,700.

Ethereum Indicator Evaluation  

Ether’s worth is making an attempt to interrupt above the 50-day SMA. The crypto will resume its upside momentum as soon as worth breaks above the 21-day and the 50-day SMAs. The cryptocurrency is at stage 44 of the Relative Power Index interval 14. It signifies that the worth is within the downtrend zone and under the centerline 50.

ETH - Coinidol.png

Technical indicators:  

Main Resistance Ranges – $2,500 and $2,700

Main Assist Ranges – $1.600 and $1,500

What Is the Subsequent Course for Ethereum? 

Ethereum has resumed an upward transfer because the altcoin rebounded above the $1,300 assist. The downtrend would have resumed if the bears broke the present assist. The worth would have fallen to the lows of $1,200 or $1,000. Nevertheless, all the symptoms have affirmed the upward motion of the coin.

ETH - Coinidol 2 chart.png

Disclaimer. This evaluation and forecast are the private opinions of the writer and never a advice to purchase or promote cryptocurrency and shouldn’t be seen as an endorsement by CoinIdol. Readers ought to do their analysis earlier than investing funds.

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