Ethereum may break higher and reach $150 in the process. The price is quite volatile and corrective but still maintained momentum above $120 area. Let’s check Ethereum Technical Analysis for more levels and insights.
March 25, 2020 | AtoZ Markets – Ethereum is currently trading around $136 area while trying to break above $140 resistance. After breaking above $120 area, the price did reach $150 but failed to sustain higher. The Bulls may regain momentum in the coming days.
Ethereum fell at $138 level and down by 2.22% on Today. This is the largest one-day percentage fall since March 23. The downward pushed on Ethereum’s market was cap down to $15.32B, or 0.00% of the total crypto market cap. Ethereum market cap highest recorded was $135.58B.
On the other hand, Ethereum has seen a rise in value over the week and gained 22%. The total volume was traded in the last twenty-four hours is $14.24B or 0.00% of the total crypto market cap. Moreover, Bitcoin (BTC/USD) rose 2,41% or $6,669 and Ripple (XPR/USD) gained 1.75% or $0.16223 on the day.
Will Ethereum Price Break Higher?
ETH is currently residing near $136 area while trying to push lower. After Ethereum price break higher and reached at $150, the Bulls failed to sustain and decline below $140 again. The price formed an ascending triangle may break higher in the days ahead.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, the price is currently very corrective and volatile as the price broke below $140 area. Besides, the dynamic level of 20 EMA is holding the price as support and the price create an Ascending Triangle pattern. As per current price action, if the price maintains above the dynamic level and break upward $140 area, the Bulls may push the price higher towards $150 in the process.
On the other hand, the MACD indicator lines are residing above the 0.00 level and may maintain there further. The histogram residing above 0.00 level but the histogram volumes are very minimal, showing indecisive bias in the market currently.
Ethereum Bears Still Present in the Market
According to the Daily chart, the price is currently residing near $136 area after the false break took place above $140. Ethereum price may break higher but require an impulsive Bullish move above $140 area. So, if the price break above $140 area with a daily close, the Bulls may take the price higher towards $185. Alternatively, though the overall trend is Bearish, a daily close below $140 area may lead the price further down towards $100 or lower.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is residing above the current price, which may pull the price higher as Mean Reversion. On the contrary, the Bears may find resistance at the dynamic level and continue lower as per preceding price action.
To conclude, Ethereum is still uncertain despite the Ascending Triangle squeeze towards $140 Resistance area. A daily impulsive bar closes above or below $140 will confirm the upcoming momentum.