ETHUSD Price Analysis – March 24
When the resistance level of $141 breaks up by the bulls, the next available resistance levels are $185 and $228. On the other hand, in case the bears defend the resistance level of $141, the price may decrease towards the support levels of $82, $43 and $42
EUR/USD Market
Key Levels:
Resistance levels: $141, $185, $228
Support levels: $82, $43, $42
ETHUSD Long-term Trend: Ranging
ETHUSD is on the ranging mode in the long term outlook. The cryptocurrency declined rapidly from $228 price level to the support level of $82. The bears lost momentum while the Bulls defended the support level of $the $82. This scenario led to the consolidation of the price within the resistance level of $141 and the support level of $82.
ETHUSD is trading in between the 9 EMA periods 14 and 21 EMA periods 14 as a sign of consolidation movement in the ETH market. When the resistance level of $141 breaks up by the bulls, the next available resistance levels are $185 and $228. On the other hand, in case the bears defend the resistance level of $141, the price may decrease towards the support levels of $82, $43 and $42. The relative strength index period 14 is at 40 levels with the signal lines parallel to the level which indicates that consolidation is ongoing in the ETH market.
ETHUSD medium-term Trend: Ranging
ETHUSD is ranging in the medium-term outlook. The bullish momentum became weaken when it reached the resistance level of $228 on 7 March. A bearish candle pattern emerged called “Bearish engulfing” candle; the bearish momentum was triggered and the price declined to the support level of $82. The bears were unable to break the just mentioned level downside; likewise, the Bulls’ momentum is weak. Then a ranging movement began within $141 and $82.
The two EMAs are interlocked as a sign of consolidation and the crypto trading over and around the 21 periods EMA and 9 periods EMA. The RSI period 14 is at 60 levels with the signal line pointing up which indicates buy signal.
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