Ethereum (ETH): Back in the red resistance zone
- Course (ETH): $3,149 (previous week: $2,807)
- Resistances/Goals: $3,140, $3,250, $3,361, $3,408, $3,510/$3,577, $3,752, $3,898, $4,043, $4,158, $4,339, $4,547, $4,719, $4,864, $5,073, $53,904, $6,702, $816,618
- Support: $2993, $2885/2815, $2733, $2659, $2571, $2448, $2305, $2161, $2044, $1930, $1725/1713, $1545, $1425
- The price jump above $2,993 ensures follow-up buying.
- The chart image only brightens more clearly again above $3,273.
- $2,885 now acts as the first relevant support level.
Ether price is joining the bullish price action of Bitcoin (BTC), rising 12 percentage points north in the last seven trading days. Ethereum follows last week’s analysis, breaking out of the red downtrend line and subsequently breaking out of the supertrend at $3,013. Today, Friday, March 25, Ether price is returning to the red resistance zone between $3,140 and $3,250. Ethereum is currently trying to break above the EMA200 (blue) at $3,155 to build further price potential in the direction of the cross-resistance at $3,245. On the downside, Ethereum is now well secured in the $3,000 area. 2,885. As long as the course of the ether does not dynamically drop below this support mark, the view should be directed further north.
Bullish variant (Ethereum):
The bulls capitalized on the bullish momentum in the classical financial market and the bullish move in key crypto currency Bitcoin and jumped significantly north in recent trading days. The recovery of the supertrend provided an additional price boost in the last three trading days. Ethereum has now reached the next relevant hurdle at the $3,140 area. In the short term, the ether chart looks a bit overbought, so a slight profit-taking should not come as a surprise. However, if Ether price does not bounce off the EMA200 (blue) to the south again, but can sustainably break this strong sliding resistance in the coming trading days, there will be another directional decision for the coming USD trading weeks. 3250.
There is a strong cross-resistance here with the all-time high on Feb 10, 2022 and the 50 Fibonacci retracement. Again, it will be difficult for the bulls to break out of this price level directly on the first try. If the buyer manages to dynamically break through this central price level, the turquoise zone appears immediately. A move above $3,410 will trigger the $3,510 zone as the next key upside target. Here, with the MA200 (green) and the 61 Fibonacci retracement, there are two relevant heading marks. To sustainably break out of this strong resistance area, the key cryptocurrency Bitcoin (BTC) must also generate a new all-time high above $46,000.
Ethereum Eyes Higher Price Targets
If Bitcoin and thus Ethereum continue to trend north in the coming weeks of trading and sustainably break above the upper edge of the turquoise resistance area, Ether price will continue to gain momentum and target its next USD price target. 3752. This price mark acts as a major resistance on the way to $3898. At this resistance level at the latest, the bears will do their best to limit the course of the ether. If the bullish field breaks through this technical hurdle with strong buying momentum, the price targets at $4,043 and $4,158 will be triggered.
This resistance area should be considered as the first relevant price objective for the next period. Only when Ethereum also breaks above this area at the end of the day, a further rise to $4,339 is conceivable. This means that the primary price target of $4,547 would once again be within reach. If there is no sustained profit recovery below $3,898, the possibility of a trend-following move towards the upper level target area between $4,719 and $4,864 continues to increase. However, as long as Ethereum does not dynamically break above its all-time high, the $5,000 area will continue to act as a maximum bullish price target.
Bearish variant (Ethereum)
The bears had little to counter the rise in prices in the last trading days. Only in the last hours of trading does the seller try to avoid a break above the EMA200. As long as Ethereum does not sustainably break above the red resistance area to the north, further sell-side resistance can be expected in this area of the chart. If a dynamic price reversal to the south is successful, the first price support is already waiting at $2,993. Ethereum should only retrace to $2,885 if this support level can be dynamically undermined. A first relevant directional decision for the bears can be expected here. In addition to the EMA20 (red) and the EMA50 (orange), there is also a strong horizontal support at $2,815.
If the bears manage to undermine this area in the long term, the horizontal support at $2,733 will reappear as a target area. To initiate a renewed and more sustainable selloff, Ethereum must first undermine this support at the daily closing price. This is also where the supertrend is currently taking place. Furthermore, two other relevant support levels are already awaiting at $2,659 and $2,578. Only a daily closing price below $2,578 improves the seller’s situation. Ethereum should target the yellow support zone again. If Ethereum reaches the crossover support from the all-time low and the green uptrend line at $2,448 and also leaves it, the possibility of a sell-off to the support mark at $2,305 increases significantly.
More likely courses
If the Ether price also breaks above $2,305 at the daily closing price, the next price target will trigger in the form of the all-time low on Jan 24, 2022 at $2,161. If the bears also manage to break this support, the green support zone will once again be the focus of investors. Ethereum could correct to $2,044 initially, or even drop back to $1,930 immediately. If the bulls do not return to the market at $1,930, a retest of the supports at $1,795 and $1,713 is not ruled out in the medium term.
Here, the bulls should hold out to avoid a drop below the summer 2021 low. Otherwise, the probability of a correction extending to $1,545 increases markedly. A renewed bear market could even see Ethereum soar towards $1,425 in the coming months. Similar to the past few weeks of trading, the maximum bearish price targets for the coming months are $1,359 and $1,223. Currently, the bulls have tasted blood and will do their best to push Ethereum into the turquoise trading zone. Investors may consider pullbacks towards $2,885 for fresh entries.
Both the RSI and MACD indicators are showing buy signals on the daily chart, supporting the bullish view on the ether chart. The sustained price strength of the past trading days has also pushed the RSI into the neutral zone on the weekly chart. If a break back above the neutral area is successful in the coming trading weeks, the chart picture will also brighten further in perspective.
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