ETH/USD – Market Is Rangebound This Past Week.
Key Support Levels: $1750, $1695, $1620.Key Resistance Levels: $1800, $1875, $1900.
Ethereum has been fairly static over the past week of trading as the cryptocurrency remained trapped between a range of $1875 and $1750 for the past eight days. It attempted to break the upper boundary of this range over the weekend but failed to overcome the resistance and has since dropped into the lower boundary today.
Before establishing this range, Ethereum was trading well after rebounding from support at $1425 at the beginning of the month. It pushed higher to create a new March high at $1950 but could not continue further. This resulted in ETH heading sideways within the defined range.
A breakout of this range will be required to dictate the next direction for Ethereum in the short term.
ETH/USD Daily Chart. Source: TradingViewETH-USD Short Term Price Prediction
Looking ahead, the first level of support lies at $1750. This is followed by $1695 (.382 Fib), $1620 (.5 Fib), $1600, and $15,42 (.618 Fib).
On the other side, the first resistance lies at $1800. This is followed by $1875 (upper boundary of current range), $1900, $1960, and $2036 (ATH Price).
The RSI recently dipped beneath the midline, indicating that the bears are attempting to take control of the market momentum. If it continues to drop, the bearish momentum will increase, and it is likely to push ETH beneath the current range. Luckily, the Stochastic RSI is already extremely oversold, and a bullish crossover signal should send the market higher.
ETH/BTC – Buyers Defend 0.0305 BTC Support
Key Support Levels: 0.031 BTC, 0.0305 BTC, 0.03 BTC. …
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