Ethereum Fluctuates Below the $3,000 High as Buyers Face Stiff Resistance

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Ethereum fluctuates below $3,020 resistance
ETH/USD is in a sideways trend

Ethereum ETH) Current Statistics
The current price: $2,977.91
Market Capitalization: $357,584,083,123
Trading Volume: $13,716,308,524
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis March 23, 2022
Ethereum’s (ETH) price is still trading in the bullish trend zone as buyers face stiff resistance. Since March 18, the uptrend has not exceeded the high of $2,984. Subsequent price movement has been below the $3,000 resistance zone. The uptrend has been restricted below this zone. Meanwhile, on March 18 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will rise but reverse at level 1.272 Fibonacci extension or $3,118.46 From the price action, the bulls are struggling to break the $3,000 resistance zone.

Ethereum Fluctuates Below the $3,000 High as Buyers Face Stiff Resistance
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 58 of the Relative Strength Index for period 14. Ether is in the bullish trend zone and capable of a further upward move. The crypto’s price is above the moving average which indicates a further upward movement of prices. Ether is above the 25% range of the daily stochastic.The market is in a bullish momentum.

Conclusion
On the 4-hour chart, Ethereum is in an upward move as buyers face stiff resistance. Ether price is in a sideways move below the resistance zone. Meanwhile, on March 21 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH will rise to level 2.0 Fibonacci extension or $3,156.70.

Ethereum Fluctuates Below the $3,000 High as Buyers Face Stiff Resistance
ETH/USD – 4 Hour Chart


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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.