Yesterday, Ethereum fell sharply 5.2% as it retreated from the previous resistance of $ 1755. Since then, it has recovered slightly, as it traded at $ 1790. Against Bitcoin, ETH seems to be getting stronger.
ETH / USD falls below the rising channel
Key Support Levels: $ 1755, $ 1695, $ 1620.
Key Resistance Levels: $ 1800, $ 1875, $ 1940.
Ethereum performed well over the weekend, reaching its March high of $ 1940 on Saturday. It fell below $ 1900 on Sunday and continued to break below the March rising channel yesterday with a 5.2% price drop.
The price drop caused ETH to revert to the previous resistance of $ 1755, which provided support for the market last week. This level is best seen on the 4-hour charts. It has since recovered from there and is trading around $ 1790.
ETH-USD short term price prediction
In the short term, the initial support level is $ 1755. This is followed by $ 1695 (.382 Fib), $ 1620 (.5 Fib) and $ 1540 (.618 Fib).
On the other hand, initial resistance is expected to be $ 1800. This is followed by $ 1875 (1,414 Fib Extension), $ 1940 (March 2021 high) and $ 1960 (1,272 Fib Extension and All-time high day opening price).
The RSI fell to the midline, pointing to market instability. If it drops below 50, the decline momentum will increase, possibly pulling ETH below last week’s support.
ETH / BTC – buyers broke the 200-Day EMA.
Critical Support Levels: 0.0318 BTC, 0.031 BTC, 0.0305 BTC.
Critical Resistance Levels: 0.0337 BTC, 0.035 BTC, 0.0361 BTC.
Ethereum has been battling Bitcoin since the beginning of February, when it dropped from 0.046 BTC to 0.03 BTC at the end of the month. In the first week of March, ETH recovered but failed to overcome 0.035 BTC resistance last week.
It dropped over the week to find support at 0.0305 BTC (.886 Fib) over the weekend. It has since recovered from 0.0305 BTC and recently climbed above the 200-day EMA at 0.0323 BTC.
ETH-BTC Short Term Price Prediction
In the short term, the initial resistance level above 0.0323 BTC (200-day EMA) lies at 0.0337 BTC (November 2020 peak and 100-day EMA). This is followed by 0.035 BTC, 0.0361 BTC (March 2019 High Level) and 0.038 (drop 0.5 Fib).
On the other hand, initial support is at 0.0318 BTC (the highest level of December 2020). This is followed by 0.031 BTC (0.786 Fib), 0.0305 BTC (0.886 Fib) and 0.03 BTC.
The RSI is now back in the midline, indicating market instability. For the price to continue above the 200-day EMA, the RSI must go higher to indicate bullish momentum.