The cryptomarket presents mixed trading on Wednesday. BTC is still trading down from its all-time highs of $61k. Ethereum began this week’s trading session on a negative note, pulling back from highs of $1,931. The sudden spike in selling pressure saw Ethereum take a nosedive to hit lows of $1,742 at which point prices eventually rebounded. ETH/USD battles immediate hurdle past $1,800, retreating from intraday highs of $1,812 to lows of $1,742 as at the time of writing. Presently, Ethereum is trading at $1,783, down by 1.02% in the last 24 hours and 3.66% weekly. Ranking second on the Coinmarketcap table, Ethereum has a present market cap of $203.3 billion and $21.6 billion in trade volume over the past 24 hours. Ethereum is gaining the attention of major institutional investors around the world. According to a recent digital asset inflows report by CoinShares, cryptocurrency investment products pulled a total of $4.2 billion inflows in Q1 2021 which is the highest level on record.
*Ethereum began this week’s trading session on a negative note, pulling back from highs of $1,931
*Ethereum is trading at $1,783, down by 1.02% in the last 24 hours and 3.66% weekly
*Cryptocurrency investment products pulled a total of $4.2 billion inflows in Q1 2021 which is the highest level on record
Key Levels
Resistance Levels: $2,100, $2,041, $1,900
Support Levels: $1,750, $1,600, $1,450
ETH/USD Daily Chart: Ranging
ETH/USD Daily Chart
On March 15, Ethereum (ETH) pulled back to confirm the $1,742 level as support. ETH price seems to have found stability at the mid $1,700 level where it trades presently. Ethereum is portraying a neutral outlook after a significant downswing. The RSI slightly above midline suggests possible consolidation. On the downside, key support levels to watch out for remain at $1,742 and the MA 50 at $1,670.
A sustained break beneath the MA 50 could intensify the selling. In this case, ETH/USD may decline to $1,442 and then at $1,292. Conversely, ETH neutral outlook will invalidate if the ETH/USD pair rebounds off and breaks the immediate hurdle past $1,800. A breach above the all-time high at $2,041 could start the next leg of the uptrend with a target of $2,600.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
On the 4 hour chart, the battle lines are quite defined for Ethereum bulls and bears. Ethereum is capped on the upside by the MA 50 at $1,813, while its downside risk remains capped by the MA 200 at $1,720. In any way, a sustained break above the moving averages could begin the next trending move.
A break above the MA 50 could lead to a retest of resistance at $1,893 and $1,944. On the downside, support beneath the MA 200 remains at $1,500, $1,442 and $1,293. The ETH/USD pair is only bullish while trading above the 4 hour MA 200, key resistance is found at the $1,900 and the $2,044 levels.
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