Ethereum has become volatile, but the price still sustains above $1,600 to $1,650 support level. Ethereum is holding the bullish bias over $1,600 psychological area. Will ETH recover further 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 12, 2021, | AtoZ Markets – Ethereum price decline today morning during the Asian session against the U.S. Dollar. Ethereum is currently trading around $1,780 area and trying to push downside. After rejecting $2,040 to $1,950 key resistance area, the bears pushed the price down quite impulsively, but failed to break below $1,400 to $1,280 support level and pushed higher. As per the current price action, Ethereum may retrace downside towards the dynamic level on the daily chart in the days ahead.
Ethereum Holding the Bullish Bias as the Investors Are Optimistic
Ethereum is currently residing near $1,780 area and trying to retrace lower. However, the price also broke below the dynamic level on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum is holding the bullish bias and currently trading around $1,780 area. As per the current price action, the bears may push the price downward towards $1,650 to $1,600 support area to fill-up the bullish gap. So, if the bears push the price down towards $1,650 to $1,600 support area and bounced upside with an impulsive bullish candle, the bulls may regain momentum and recover higher towards $1,950 to $2,040 key level in the process.
In addition, the dynamic level of 20 EMA is currently residing over the price. So, it may work as strong resistance to push the price lower in the days ahead. Besides, the Stochastic Oscillator lines are currently residing below the overbought level 80 and had a bearish crossover. It indicates that the bears may push the price further down in the coming days.
ETH Bullish Trend May Continue Further
According to the daily chart, Ethereum is holding the bullish bias as the bulls are optimistic. As per the current scenario, if the price retraced towards $1,650 to $1,600 support level and bounced upward with an impulsive bullish candle, ETH may continue its bullish trend towards $1,950 to $2,040 area as a first target. The second target will be $2,250 to $2,300 key area if the price can break above $1,950 to $2,040 area in the coming days.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong support to push the price upside. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process.
To conclude, after an extended period of volatility, the bulls have successfully broken above $1,600 to $1,650 resistance level. As long as the price residing over $1,600 to $1,650 area, the bias will remain bullish. A daily close will help to identify the definite momentum in the coming days.