Ethereum (ETH) Continues Its Consolidation, Lacks Buyers at Higher Levels



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Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125, $100

ETH/USD Long-term Trend: Ranging
Ethereum is trading at $133 but fluctuating between $100 and $140. The bulls have the upper hand as price continues its consolidation. The bulls are testing and Ether is trading very close to resistance at $140. The chances of the bulls are more than the bears. In the meantime, neither the bulls nor the bears have broken any of the levels. Ethereum is still consolidating as it approaches the resistance line of the descending channel.

ETH/USD – Daily Chart

Daily Chart Indicators Reading:
Ethereum is below 75% range of the daily stochastic. The pair is in a bearish momentum but the momentum is weak and unsteady. The 21-day SMA is acting as a resistance to the coin. The moving averages are sloping southward.

ETH/USD Medium-term Trend: Ranging
On the 4 hour chart, ETH is in a horizontal channel because the coin is ranging. The pair is fluctuating between $100 and $140. The key levels of the price range have not been broken. However, on March 20, there was a partial breakout but the bulls were resisted.

ETH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The SMAs are sloping horizontally indicating the sideways trend. The Relative Strength index period 14 is level 53 indicates that the coin is in the uptrend zone. It is also above the centerline 50.

General Outlook for ETH
Ethereum is in a period of consolidation. The bulls have not been able to break $140 resistance. Buyers have several opportunities but lack buying power at higher levels. On the upside, a break above $140, will result to a high of $200.

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $132.97
Stop: $80
Target: $332.97

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.