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Technical Analysis for ETHUSD for 17th March 2022

Ethereum is up 20% from 2022 lows, ETH could tear up above $2.8k

The Ethereum PoW-PoS merger was successful in the Kiln Testnet.

Past Performance of ETH

Ethereum prices are inching higher as per the formation in the daily chart at the back of increasing trading volumes. There are fundamental drivers to this expansion, further cementing bullish previews. At spot rates, there has been confirmation of the bullish engulfing bull bar of March 14. However, prices are still trading below the immediate liquidation level at $2.8k.

Ethereum Technical Analysis

The path of least resistance is northwards as solid fundamental factors buoy ETH. The series of higher highs of the past few days has rising trading volumes pointing to buyers. While risk-off traders may load the dips, risk-averse traders may wait until there is a solid close above $2.8k before loading the dips in anticipation of a leg up towards $3k and beyond. Conversely, a deflating dump reversing recent gains that force prices below $2.3k would nullify the upbeat preview as the trend shifts to red.

What to Expect of ETH

Ethereum developers are hard at work, preparing to shift to a staking network. Ahead of this, ETH traders are confident, expecting a solid bounce-back towards the green territory.

Resistance level to watch: $2.8k

Support level to watch: $2.3k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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