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Ethereum to Retest Resistance
Summary: Ethereum (ETH), reached just shy of $3,000 on Friday and unable to get over that resistance number stopping buyers from advancing further. This puts ETH in a large bracket between the support at $2,500 and the resistance of $3,000. ETH is up almost over 19% over the last week and could possibly try to break ...
Ethereum (ETH), reached just shy of $3,000 on Friday and unable to get over that resistance number stopping buyers from advancing further. This puts ETH in a large bracket between the support at $2,500 and the resistance of $3,000.
ETH is up almost over 19% over the last week and could possibly try to break that $3,000 once again in the coming days.
In short, ETH generally coincides with the price of Bitcoin (BTC). BTC has been up in March hovering just above the $40,000 mark, after recovering from the January and February lows.
However, ETH has outperformed BTC over the past week. It is up 12.7% compared to BTC’s 7.8%.
David Keller, Chief Market Strategist at StockCharts.com, tweeted that ETH has broken out of the symmetrical triangle pattern and will retest $3,000. He concluded the tweet with “Bullish>3000.” The symmetrical triangular pattern represents a period consolidation before a breakout or breakdown. The graph below signals a breakup, indicating a possibly bullish run.
ETH is currently down 41.7% from its November 2021 all-time, but recent trends can start to reverse the direction.
Author: Tyler Irvin
