Ethereum Price Prediction: ETH/USD Poises to Resume Uptrend as Price Touches $1596

ETH Price Prediction – March 6

EHT/USD is trying to keep its upward movement while the sellers keep frustrating the movement.

ETH/USD Market

Key Levels:

Resistance levels: $1800, $1900, $2000

Support levels: $1200, $1100, $1000

ETHBTC – Daily Chart

Since the beginning of this month, ETH/USD has been trading within a range of $1420 and $1650. The daily chart reveals that the coin pushed higher today from the $1528 level as it reached $1596 before coming back to where it is currently trading at $1549.

Where is ETH Price Going Next?

As revealed by the daily chart, the Ethereum price is moving sideways, but it may likely face the resistance at $1600 if it wants to continue the upward movement. Meanwhile, ETH/USD remains in a bullish position despite being predictably rejected from the resistance level of $1596. However, as long as the world’s second-largest coin continues to trade above the 9-day MA in the short term, it presents more of a chance of indecision in movement; although a break below it may signal a new bearish phase in the market.

Nevertheless, as long as the 9-day moving average remains below the 21-day moving average, ETH/USD may continue to consolidate at lower levels. Therefore, if we could see a tremendous climb above the 21-day MA which is fast approaching; it may likely reach the resistance at $1800, $1900, and $2000 levels. More so, dropping below the lower boundary of the channel may reach the critical support levels of $1200, $1100, and $1000 respectively while the technical indicator RSI (14) moves in the same direction.

When compares with Bitcoin, Ethereum is following a bearish sentiment and about to break above the moving averages. The coin is suffering from a strong buying power as the bulls are trying to gain momentum. Meanwhile, the sellers continue to release huge pressure on the market. For now, Ethereum is trading around 0.032BTC which is very close to the lower boundary of the channel.

Currently, the technical indicator RSI (14) is moving above the 40-level, and should the bulls manage to find resistance at this level, an upward movement could push the price to the 0.040 BTC and potentially 0.045 BTC resistance levels. But, a push below the channel could lead the market price to the support of 0.025 BTC and below.

Remember, all trading carries risk. Past performance is no guarantee of future results.
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Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.