Ethereum prices fell 5.2 percent yesterday. After the fall, the price of Ethereum fell to its previous resistance of $ 1,775. However, analysts describe Ethereum’s position as strong against Bitcoin.
to the the report Cryptopotito, Ethereum performed well on Saturdays and Sundays. This performance was such that on Saturday the price of this digital currency went up to $ 1,940. On Monday, we saw the price fall to $ 1,900. Ethereum then fell 5.2 percent as it broke its March downtrend.
Ethereum / Dollar currency pair
The 5% drop pushed the price of Ethereum to its previous resistance of $ 1,775. The area served as a support last week. This level is well visible in the 4 hour time frame. Ethereum prices have recovered somewhat since the previous crash.
In the short term, the first support area is $ 1,755. After that, the $ 1,695 area (Fibonacci 0.382), the $ 1620 area (Fibonacci 0.5) and the $ 1,540 area (Fibonacci 0.618) will act as Ethereum supports.
Ethereum, on the other hand, has a first resistance of $ 1,800. Subsequent resistance is at $ 1,695 (Fibonacci 0.382), $ 1,875 (Fibonacci 1,414), $ 1,940 (March high) and $ 1,960 (Fibonacci 1,272 and above, respectively). The historical price of opening the candlestick) are.
The Relative Strength Index (RSI) has also fallen below the mid-range, indicating traders are skeptical.
Ethereum / Bitcoin currency pairs
The price of Ethereum relative to bitcoin fell from 0.046 bitcoin in early February to 0.03 bitcoin by the end of February. In the first week of March, the price of Ethereum revived but still could not cross the resistance barrier of 0.035 bitcoin.
In this area, we saw a decrease in the price to the support area of 0.0305 bitcoin (Fibonacci 0.886). Recently, the price of Ethereum relative to Bitcoin reached above the 200-day moving average and the area of 0.0323 bitcoin.
The first resistance at Ethereum is in the range of 200-day moving average and 0.0323 bitcoin on 0.0337 bitcoin (November high and 100-day moving average). Then 0.035 bitcoins, 0.0361 bitcoins (peak in March 2019) and 0.038 (Fibonacci 0.5) are in front of Ethereum.
The first Ethereum price support is 0.0218 bitcoin (peak in December 2020). Behind this support area are the 0.031 bitcoin (Fibonacci 0.786), 0.0305 bitcoin (0.886 Fibonacci) and 0.03 bitcoin.
The relative strength index has now returned to the mid-range, indicating investor uncertainty. In order for the price of Ethereum to continue its upward trend and reach above the 200-day moving average, the relative strength index must be increased.