The rising FUD in the crypto market has resulted in the formation of a megaphone pattern for ETH. On March 11th, ETH rallied from a tightly packed support zone that contained technical levels such as the 0.5 Fibo retracement level, a support trendline, and a $1420 horizontal level. This rebound was achieved through the use of a morning star candle pattern.
#Ethereum has surged by over 8% and has successfully broken through the $1,600 resistance level against the US Dollar. This is a significant milestone for ETH, and if it manages to maintain its position above the $1,580 support zone, it could continue to rise further.
The ETH/USD pair has made significant progress in recent trading sessions. It has broken through key resistance levels of $1,500 and $1,565, indicating a clear upward trend. Additionally, the pair has surpassed a crucial bearish trend line with resistance near $1,480 on the hourly chart, further solidifying its bullish momentum. Finally, the pair has reached a high of $1,622 after surpassing the $1,600 resistance level.
The current trading price of Ethereum has surpassed $1,530 and is currently above the 21-hourly simple moving average. The cryptocurrency is consolidating its gains and trading above the 23.6% Fibonacci retracement level, which is based on the upward movement from the $1,368 swing low to the $1,622 high.
According to #priceanalysis , ETH is encountering some resistance around the $1,630 mark, which could be a good sign for investors. However, there are still a few significant hurdles to overcome before we can expect a significant uptick in value. The first major obstacle is at the $1,680 level, followed by another at $1,700. The most significant resistance point remains at $1,740.
ETH is currently facing a crucial resistance near 1,630 level to continue its upward trend. However, if it fails to do so, a downside correction may be in store. Should Ethereum experience a dip, an initial support level can be found at $1,580. If this level is breached, the next major support zone is at $1,560. A break below this level could result in a drop towards $1,500, which is near the 50% Fib retracement level of the upward move from the $1,370 swing low to $1,636 high. Any further losses could lead to a test of the $1,430 level.
KEY LEVELS :
RESISTANCE LEVEL : $1,630-$1,680
SUPPORT LEVEL : $1,560-$1,500
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.
