Ethereum Facing Support Around $1,600 Area – Will Strike Higher?


Ethereum has become volatile and corrective, but still holding the bullish bias over $1,560 to $1,600 support level. Ethereum is facing support around $1,600 psychological area. Will ETH strike higher in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis. 

March 26, 2021, | AtoZ Markets – Ethereum rose today morning during the Asian session against the U.S. Dollar. Ethereum is probably building a solid support base around $1,600 area against the US Dollar. ETH value may recuperate further, but it may face a potential resistance around $1,650 area. There was a break over the $1,560 to $1,600 area. It seems like the price is imitating a rising channel with resistance close $1,650 area on the intraday chart. Ethereum is currently trading around $1,625 area and trying to push upside. As per the current price action, the price may face strong resistance at the dynamic level of 20 EMA on the intraday chart in the coming days.

Ethereum Facing Support as the Investors Are Still Optimistic

Ethereum is currently residing near $1,625 area and trying to recover upward. However, the price is still residing over the uptrend line on the daily chart.

Ethereum Facing Support

Image: ETH 4 Hour Chart

According to the 4-hour chart, Ethereum is facing support and currently trading around $1,625 area. As per the current price action, if the price can have an impulsive bullish candle close above the dynamic level, the bulls may push the price higher towards $1,730 to $1,750 area as a first target. The second target will be $1,900 to $1,950 area if the price can break above $1,730 to $1,750 area in the process. Alternatively, if the price climbs upside and face resistance around $1,730 to $1,750 area, the bears may regain momentum and decline towards $1,600 to $1,560 area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price downside. However, the bulls may recover higher if the price can break over the dynamic level in the days ahead. Also, the MACD lines are currently residing below the 0.00 level and may have a bullish crossover. It indicates that the bulls may sustain the bullish pressure further in the process.

ETH Bullish Trend May Continue Further

According to the daily chart, Ethereum is facing support as the bulls are still residing on the market. As per the current scenario, if the price can have an impulsive bullish candle close above $1,560 to $1,600 support level, Ethereum may continue the bullish trend towards $1,900 to $1,950 area as a first target. The second target will be $2,100 to $2,150 area if the price can break over $1,900 to $1,950 area in the coming days.

Ethereum Facing Support

Image: ETH Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the bulls may regain momentum if the price can break above the dynamic level in the process. Moreover, the Kumo Cloud is still holding the price as strong support.

To conclude, the bulls are still holding the bullish bias above the uptrend line on the daily chart. An impulsive daily close is required to identify the definite momentum in the days ahead.  

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