Ethereum Technical Analysis Report | 21st-March-2023

Buyers pushed Ether’s price above the $1800 resistance on March 18-19 but were unable to sustain the higher levels. This shows that the bears are attempting to halt the rally. A small advantage in the bulls’ favour is that they have not allowed the price to dip back below the $1,743-$1,680 support zone. The rising 20-day EMA ($1,654) and the RSI above 61 suggest that the path of least resistance is up. UBS’s takeover of Credit Suisse Bank boosted European stock markets on March 20, but not everyone is happy with the deal. The global volume of the token has fallen by 7% while the dominance is at 18.47%.

At the time of writing, ETH was trading at $1,748.5

Ethereum Chart | 21st-March-2023
Ethereum (ETH) Chart

ETH after making the low of $1,073.9 has witnessed a sharp rally and surged almost by 71% within four months and made the high of $1,840. The asset made a ‘Tweezer Top’ candle at the high and dropped 6% to $1,723. The asset has a strong support zone from $1,750 to $1,700. If it holds and sustains above the support then we can expect the prices to further rally up to $2k whereas a break and close below the support will lead to correction and the prices can test the support of $1,500 levels.

  Support 2Support 1AssetResistance 1Resistance 2

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