Ethereum Technical Analysis Report | 14th-March-2023

The US banking crisis has prompted aggressive buying of Bitcoin and select altcoins nearing stiff overhead resistance levels. Ether bounced off the support near $1352, suggesting aggressive buying at the lower levels. The rally intensified after the bulls propelled the price above $1,461. The ETH/USDT pair rallied again above the 20-day EMA ($1,565) on March 12, suggesting that the bulls are back in the game. The flattening of the 20-day EMA and the RSI in the positive territory suggests that the momentum is in favour of the bulls. The global volume has risen by almost 13% while the dominance is at 19.05%.

At the time of writing, ETH was trading at $1,680.5

Ethereum Chart | 14th March 2023
Ethereum (ETH) Chart

ETH after rallying almost by 62% from $1,073.5 to $1,741 faced stiff resistance at the horizontal trendline and the key level of $1,750 and witnessed a correction. The prices dropped to $1,370.4. The asset made a ‘Hammer’ candle at the low and rallied back up to $1,702 within three days. ETH has a strong resistance zone from $1,700 to $1,750 and to further rally it needs to break, close and sustain above the resistance zone whereas $1,500 to $1,450 will act as a strong support zone for the asset.

  Support 2Support 1AssetResistance 1Resistance 2

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