Price analysis ETH/USD pair, March 12

12.03.2021 14:30:52

After the ETH/USD pair reached the level of $1870 on March 10, it began a correction. The mark of $1870 provided sufficient resistance for the ETH/USD pair, as a result, the pair entered the $1750-$1850 trading range. Investors began to take profits ahead of a new rise in the price of Ethereum.

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On the hourly chart, as a result of the decline, the ETH/USD pair dropped below the 100-hour simple moving average. The bulls gained support near the $1720 area and resistance moved to the $1840 area. If the price of Ethereum breaks the $1840 resistance, strong rallies could occur. In this case, the ETH/USD pair may rise to the resistance level of $1900. The next major resistance and psychological level for the bulls could be $2000.

However, now we see another scenario. The ETH/USD pair dropped below the $1785 and $1750 support levels. Since there was a break below the $1750 support, the Ether price could drop to the level of $1720. The bears will try to break down this level. If successful, the ETH/USD pair will drop to $1680 and further to $1640.