Ethereum price analysis shows that the coin is making a spectacular recovery after sinking under the $100 level on Thursday.
Ethereum Price Medium-term Trend
Yesterday March 12, the price of Ethereum (ETH) traded in a bearish trend after dropping from well above the $195 level. Moreover, ETH price tumbled below the $150 and $100 and broke many important supports to enter into the bearish trend zone. The bears extended the downtrend extended to $87, from where the bulls are attempting a relief rally. This is a positive sign as it shows strong demand at lower levels.
At the time of writing this Ethereum price analysis, Ethereum price is trading at the $130 level.
On the upside, if the bulls can sustain the price above $130, it will retest the $150 and $180 level to indicate strength. On the other hand, if relief rally can reach $150, which is likely to act as a stiff resistance. If that happens, the bears are likely to aim more losses towards the $100 and $87 levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Trend
On the 1-hour chart, the price of ETHUSD is slowly recovering. Today, an intraday high was reached at $146 but the price has adjusted to $130. In spite of the bullish reversal, the prevailing trend remains bearish which means that ETHUSD gravitation is far from over.
However, there are many resistances on the upside near the $146 and $155 levels. If the pair fails to recover above the $130 resistance level, it could start another decline. An initial support is near the $120 level, below which there is a risk of more losses towards $100.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $150, $180, $200
- Support levels: $120, $100, $80
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.