Ethereum has become corrective and currently trading inside the ranges of $1,700 to $1,870 area. Ethereum volatility raised over $1,700 psychological event level. Bulls to regain momentum 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 19, 2021, | AtoZ Markets – Ethereum price rose today morning during the Asian session against the U.S. Dollar. Ethereum has failed to take over $1,850 to $1,870 resistance area and corrected lower against the US Dollar last week. Ethereum is currently trading around $1,800 area and trying to recover higher. After a fake bullish breakout over $1,850 to $1,870 resistance area, the bears push the price down quite impulsively and faced support around $1,720 to $1,700 area again. As per the current price action, the price may face strong resistance at the Kijun line on the intraday chart in the days ahead.
Ethereum Volatility Raised as the Price Failed to Break the Range
Ethereum is currently residing near $1,800 area and trying to push upside. However, the Kumo Cloud is still holding the price as strong support on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum volatility raised and currently trading around $1,800 area. As per the current price action, if the bulls push the price higher and break above $1,850 to $1,870 resistance area, the price may recover higher towards $1,980 to $2,035 key area in the coming days. Alternatively, if the price breaks below $1,720 to $1,700 support area with an impulsive bearish candle, the bears may push the price downward towards $1,600 to $1,550 area in the days ahead.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as a strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. Moreover, the Kumo Cloud may carry the price as a support in the process. However, the bears may regain momentum if the price can break below the Kumo Cloud in the coming days.
ETH May Sustain the Bullish Trend
According to the daily chart, Ethereum volatility raised, but the overall bias is still bullish. As per the current price action, if the price can have an impulsive bullish candle close above $1,700 to $1,750 support area, the bulls may sustain the bullish trend towards $1,980 to $2,035 area as a first target. The second target will be $2,150 to $2,200 area if the price can break above $1,980 to $2,035 area in the coming days.
Image: Ethereum Daily Chart
In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may hold the price as strong support in the process. Also, the Stochastic Oscillator lines are currently residing above the oversold level 20 and may have a bullish crossover. It indicates that the bulls may regain momentum in the days ahead.
To conclude, as long as the bulls holding the price over $1,700 to $1,720 support level, the bias will remain bullish. An impulsive daily close is needed to identify the definite momentum in the coming days.