Ethereum (ETH) Is Recovering From $100 Support, Uptrend Uncertain

Azeez Mustapha
23 March 2020 | Updated: 23 March 2020

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

ETH/USD Long-term Trend: Ranging
Ethereum is still fluctuating between $100 and $140. Neither the bears nor the bulls have broken these key levels. Recently, the bulls bought at $120 price level. ETH made a positive move to break the $140 resistance level. Later the bulls were repelled at $145 price level and the coin resumes its fluctuations.

Today, Ether is trading  at $130 and it is making another attempt at the resistance. On the upside, if the bulls succeed in breaking the resistance, the market will reach a high of $160. On the other hand, if the bulls fail to break the resistance, the market will fall and fluctuation will continue. Conversely, if the bears succeed in breaking the $100 low, the market will drop to a low of $87.

ETH/USD – Daily Chart

Daily Chart Indicators Reading:
Ethereum is above 20% range of the daily stochastic. This indicates that ETH is in bullish momentum. The market is supposed to be in an upward move, coupled with the emergence of buyers at the oversold region.

ETH/USD Medium-term Trend: Bearish
On the 4 hour chart, ETH is in a horizontal channel because the coin is ranging. A price range has been established by the price action. The price fluctuates between $100 and $140. The bulls have attempted to break the upper range but lack buying power at a higher price level.

ETH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and 50-day SMA 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 at the bottom of the chart. Ethereum will need more buyers at the oversold region to push the coin upward. Traders will need to look out to buy setups to initiate long trades. Later you set your parameters including your stop loss.

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $131
Stop: $60
Target: $331

Note: Learn2Trade.com 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

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.