Ethereum Technical Analysis Report | 19th-March-2024


On March 16, Ethereum (ETH) dipped below the 20-day Exponential Moving Average (EMA) of $3,619, signalling bearish momentum. However, the bears are facing resistance in maintaining these lower levels as bulls endeavour to reclaim ground above the 20-day EMA, aiming to thwart aggressive selling pressure. Over recent trading sessions, ETH witnessed a substantial decline, plummeting by more than 10% from its recent high of $4,000. Despite this downturn, a remarkable 89% of ETH holders remain in profit, highlighting the resilience of the network amid ongoing market volatility.

At the time of writing, ETH was trading at $3,416.

Ethereum Tuesday Daily Chart-19th March-2024
Ethereum (ETH) Chart

ETH after making the recent high of $4,093 witnessed a sharp correction and the prices fell almost by 17.4% making the low of $3,380. The asset has a strong support at $3,400 levels and if it holds and sustains above the support then we may expect the bulls to resume the up move. If it breaks and closes below $3,400 then the prices may test the next support level which is at $3,000. ETH will face strong resistance at $3,750 and $4,150.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

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