TL;DR Breakdown
- Ethereum’s next resistance lies at $1,600 and it extended its price to $1,625 yesterday.
- ETH/USD still trading well above the 100 hourly Simple moving average.
- Technicals indicate a 2.63% increase on the 5-days moving average and 285.87% increase on the 100-days moving average.
ETH/USD Battling $1,600 Key Resistance
While we’re 5 days off from an early start of March, Ethereum hit its lowest price on the 5-day trading chart today. This was a sharp drop that saw ETH/USD record $1447 and slightly recover towards $1487. It however turns out the coin is struggling to hit the $1500 mark.
The bulls on the other hand are afraid ETH could continue its downward trend after a slight drop from $1487 to $1469 on the 1-day chart.
February was good for Ethereum after kicking off the month at a low of $1296 and recording a fresh all-time high of $2039. The leading altcoin soared beyond $1800 following the launch of CME futures. This event saw at least 400 ETH futures contracts being traded on the Chicago Mercantile Exchange (CME).
For some reason, Ethereum began a downswing till the end of February and closed the month at $1325. The good news is the bulls can be hopeful because the start of March is recording a gradual upswing that could see ETH break above $1500.
The next resistance lies at $1600 and on the 4th of March which was yesterday, Ethereum extended its price to $1625. While this early March recovery seems to be short-lived, proponents should remain aware the bulls traded a fresh monthly high of $1655. That was yesterday.
Also, February’s gradual downswing reduced the mining profitability of GPU miners. The drop split the coin’s profitability by half. Despite the shave, it turns out GPU miners are still making profits, and Ethereum continues to be one of the most valuable altcoins to HODL.
ETH/USD Price Movement in the Last 24 Hours
(Source: TradingView)
On Tradeview’s 24-hour chart, Ethereum already set a new monthly high for March against the US dollar at $1655. The chart started at $1580 but struggled to maintain an upward correction above the $1600 key resistance.
Bulls should remain hopeful of a stable ETH/USD since it’s still trading well above the 100 hourly Simple moving average. Notwithstanding, technicals indicate a +2.63% increase on the 5-days moving average and a +285.87% change on the 100-days moving average.
Present, ETH/USD price is playing along two support channels, $1560 and $1460. Most market traders are short selling within this price range, a situation that wards off the bears.
ETH/USD Price 4-Hour Chart
(Source: TradingView)
Here, Ethereum traded highest at $1485 against the US Dollar. The chart reveals a coin that is attempting to consolidate its losses. The 4-hour chart is kind of bearish, as it indicates a gradual bounce back within a bearish pattern. The good news is ETH/USD has not hit below the $1460 intraday support level. Which shows a lot of promise that the coin could be headed for a recovery. My take is the bulls can still take away the bulls. The price now stands at $1472.
ETH/USD Price Prediction
The technicals are in favor of the bulls. With all of them indicating a green light. However, the market should anticipate further weaknesses before ETH/USD finds its way above the $1600 resistance.
Crossing the $1500 support, all the way beyond the resistance indicates a momentum that could break out the prevailing bearish pattern.
On the other hand, The Simple Moving Averages (SMAs) have their eyes on $2,000 and should remain bullish after testing the $1650 and $1700 upsides.
Conclusion
Tell us what you think about the price direction of Ethereum. Are your views bearish or bulllish?
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