Since the past few weeks, Ethereum is finally making some significant gains, but indicators show that this might be short-lived as the asset retreats from the uptrend. This happened when the crypto tried to overcome the $1,900 resistance but ended up correcting slight, showing that market bulls might be losing their momentum to take prices up the charts.
Fortunately, the charts show a strong possibility of bullish movements, meaning that prices would likely uptrend sooner rather than later. One of the most anticipated reactions is the movement towards the $1,900 mark, but that might not happen till the bulls regain market dominance and ensure significant gains for the cryptos holders, especially during bullish times.
Ethereum shows bullish signals
Ethereum’s performance has not been impressive, but it has managed to gain some new highs after the late February correction that drop its value from $1,800 to around $1,500, which is about a 20% price fall. But the space has more things to worry about as the cryptos current resistance levels are around $2,100, $2,200, and $2,300.
The support level also hold at $1,600, $1,500 and $1,400. The bulls have to return to the market to prevent more drastic falls, which could ignite more moves below the charts. Since its recent fall, the support level holds it, but this could cause an uptrend even as the $1,700 price rejection.
Yesterday, the asset attained the $1,800 mark but could assure more gains beyond that level before being visited by more corrections till it fell within the channel. Experts believe that the price decline is natural since Ethereum gained significantly within the short period, and they see this as an opportunity to regain some balance.
Charts show that the price is currently above the 9-day and 21-day MA, showing that the crypto is very bullish and could erupt into more gains soon. Still, it might be dangerous for the coin to move as low as the $1,700 range because that could mean more significant falls for the crypto.
Ethereum moves above moving averages
Still, the selling pressure is another thing to worry about because if it intensifies, it could take Ethereum below the MA, which would be detrimental to the crypto’s future. If this happens, the crypto would likely fall towards the $1,700 range before welcoming more drops. If the asset hits the $1,650 support, the next number could be $1,600 and below.
Fortunately, the RSI (14) is around the 60-level, showing signs of a healthy bullish market. The market has to hold Ethereum because if the bears regain the market, it will take prices beneath the channel’s lower boundary.
The asset currently focuses on taking some resistance points starting from the $2,100 price point and higher. The crypto could likely face drops when sellers are beginning increasing sell-offs, taking prices even lower than expected. The bullish market could turn bearish if the bears continue with the activities that threaten ETH’s higher prices. It’s safe to note that new buyers’ entry has helped the asset find a balance between buyers and sellers determining market activities.
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