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ETH Price Analysis: Buyers Revive Uptrend Beyond Mid $1,600, Paxos VP Says Ethereum ‘Is About To Rip’

ETH

The cryptocurrency market continues in its recovery bid on Wednesday, BTC traded to highs above $57k following news that Tesla has started accepting BTC payments. The ETH/USD pair closed the prior four trading days in the negative territory and lost nearly 11% during that period. After staging a technical correction and rebounding slightly on Wednesday, buyers revive uptrend beyond mid $1,600 while bulls target gains toward $2,000. However, Ethereum seems ready for takeoff if the uptrend manages to overcome the MA 50 barrier at $1,727. As of writing, ETH/USD was up only 1.67% on the day at $1,626. Ranking second on the Coinmarketcap table, Ethereum has a present market cap of $197.6 billion and $20.3 billion in trade volume over the past 24 hours. On March 24, Mike Dudas, Paxos VP reinstated his belief that the Ethereum (ETH) price “is about to rip.” The reasons he stated in a tweet “comically undervalued with multiple massive use cases playing out plus positive technical and governance developments”

*The ETH/USD pair closed the prior four trading days in the negative territory
*As of writing, ETH/USD was up only 1.67% on the day at $1,626
*Mike Dudas, Paxos VP reinstated his belief that the Ethereum (ETH) price “is about to rip.”

Key Levels
Resistance Levels: $2,041, $1,900, $1,800
Support Levels: $1,600, $1,500, $1,350

ETH/USD Daily Chart: Ranging

ETH/USD Daily Chart

Despite a brief probe at intraday highs of $1,740, bulls are expected to face headwinds from the barrier at MA 50 (previously support now turned resistance) located at $1,727. Meanwhile, buyers are working to avert possible losses, which may precede the expected breakout to $2,000. On the upside, a daily close above $1,740 could attract more buyers and open the door for additional gains toward $1,869 (March 20 high) and then $2,000.

The $1,650 level is acting as interim support ahead of the ascending trendline support located at around the $1,573 mark. Below that level, additional losses toward $1,469 (Feb. 28 low) could be witnessed. Fading bullish momentum on the daily chart is slightly indicated after the RSI indicator diverged from rising price action to below 50 reading.

ETH/USD 4-Hour Chart: Ranging

ETH/USD 4-Hour Chart

ETH/USD remains depressed below 4-hour MA 50 while failing to hold MA 200 support at $1,707. It is worth keeping in mind that Ethereum might be forced to retreat some more, perhaps retest support at the $1,650 before a rebound. Dips are expected to provide better levels for re-entering the bullish market, with the $1,575 zone (ascending trendline support) expected to hold and keep bulls in play.

Meanwhile, bulls will focus on gains above the MA 50 and 200. Trading above these two key moving averages would bolster Ethereum towards a breakout past $1,850 resistance than the $2,000 psychological level. The ETH/USD pair is only bullish while trading above the 4 hours MA 200. Buyers confront risks, but bear routes tend to be less bumpy ahead of the initial support line.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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