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Key Highlights
Ethereum bulls break the $1,600 resistance
The coin is likely to face resistance at a level of $1,700
Ethereum ETH) Current Statistics
The current price: $1,660.62
Market Capitalization: $190,500,499,597
Trading Volume: $190,500,499,597
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400
Ethereum (ETH) Price Analysis March 7, 2021
Ethereum bulls are attempting to break the $1,600 resistance. Since March 1, the biggest altcoin has been confined to trade between $1,300 and $1,600.If the current bullish momentum is sustained, a retest at the $2,000 overhead resistance is likely. Meanwhile, the uptrend may face resistance at $1,700 high. On the upside, when the price is sustained above $1,800, Ethereum will commence the resumption of upside momentum. However, if Ether faces another rejection at the recent high, the price will fall to the previous range-bound zone.
ETH Technical Indicators Reading
Ether is making positive moves as price breaks the 50-day SMA and it is attempting to break the 21-day SMA. A Break above the SMAs will accelerate the price movement on the upside. The Relative Strength Index is at level 53. This indicates that Ether has room to rally on the upside.
Conclusion
Ethereum is making a positive move as bulls attempt to break the $1,600 resistance. On March 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that ETH will rise to level 1.618 Fibonacci extensions or a high of $1,790.40.
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