Ethereum (ETH) Price Analysis – March 20
While ETHUSD had been following a bullish sentiment for the past two weeks as ETHBTC remains in a side-way trend; waiting for a price break. However, Ethereum’s value had appreciated by 50% plus since trade opens for the year 2019. As of now, the token is trading at around $138 price level.
Resistance levels: $148, $156, $164
Support levels: $134, $128, $120
For the past two weeks, Ethereum has been trading within the range of an ascending channel; recording a monthly low at $125. After touching $145 at the upper channel last week, ETH is now on a slow retracement to test the lower channel as the token remains in the middle of consolidation since Monday. Currently, a bearish move is reflected on the 4-hours MACD as signal nears zero level.
While consolidating, the market could possibly experience surge volatility. A bearish move is likely to send price to $134 support, where the lower channel lies. A further drive on this support might drop the token to $128 and below. However, a bullish move is expected to hit $148 resistance, touching the upper channel. A channel break-up would shoot price at $156 and beyond. Nevertheless, Ethereum is following a steady upward direction – a sign of bullish sentiment.
Following late February enormous sell, Ethereum has been moving in a symmetry triangle pattern as the market nears the lower trend line. As revealed on the medium-term chart, the price action appears smaller due to low price volatility. The trading pressure is reaching the angle of the triangle; signaling a potential price surge. The 4-hours MACD revealed the scenario.
If Ethereum breaks the triangle, an upward movement might climb price to the next resistance at 0.036 SAT and beyond. A downward move, however, is more likely to sink price to 0.0335 SAT support and beyond in a concurrent move.
At the moment, ETH still remains in a side-way trend. A significant play out is expected to take the token to the next phase.
Please note: FXtimes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.