Technical Analysis for ETHUSD for 20th March 2023
Ethereum Rallies 70% from November Lows, ETH Bulls Target $2k
Past Performance of ETH
Like the rest of the crypto market, Ethereum is in a firm uptrend. As an illustration, the coin is up roughly 70% from November lows, breaking above February highs. Technically, buyers are in control, and the bullish formation remains as long as ETH trends above $1.75k.
Ethereum Technical Analysis
Ethereum is solid at spot rates, and traders are confident. Since ETH bars are bullish, riding along the upper BB indicates that buyers are in control and the upside momentum is high. Therefore, if prices are above the February highs, every low above $1.75k, ideally with low volumes, may offer entries. In a bullish continuation formation, the next target could be August 2022 highs at $2k. Further gains may see ETH retest Q1 2022 lows at $2.5k.
What to Expect from ETH
The uptrend is defined, pumped by fundamental factors, helping Ethereum bottom up after the losses of last year. As such, bulls will remain in control, and $1.75k, marking February high, will be a critical support line going forward.
Resistance level to watch: $2k
Support level to watch: $1.75k
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.