Ethereum Rebounds above $2,500, Poises to Resume Uptrend

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Ethereum rebounds above $2,500
ETH/USD trades in the uptrend zone

Ethereum ETH) Current Statistics
The current price: $2,945.36
Market Capitalization: $352,847,887,038
Trading Volume: $16,619,278,484
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis March 3 , 2022
Ethereum’s (ETH) price is in an upward move as it poises to resume uptrend. On February 28, Ether rebounded above the $2,500 support and reached the high of $3,038. The uptrend has been hindered as Ether’s price consolidated above the moving averages. The uptrend will resume if price breaks above the initial resistance level. Conversely, if the bears break below the moving averages, the downtrend will resume.

Ethereum Rebounds above $2,500, Poises to Resume Uptrend
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 54 of the Relative Strength Index for period 14. The largest altcoin is in an uptrend zone and capable of a further upward move. Ether’s price bars are above the moving averages indicating a possible upward move. The crypto will rise as long as the price bars are above the moving averages. Ether is below the 80% range of the daily stochastic. The market has resumed bearish momentum.

Conclusion
On the 4-hour chart, the altcoin is in an upward move as it poises to resume uptrend.. Meanwhile, on February 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. the retracement indicates that Ether will rise to level 2.0 Fibonacci extension or $3,401.99.

Ethereum Rebounds above $2,500, Poises to Resume Uptrend
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.