A vast majority of the top tokens are experiencing a liftoff after a fresh influx of activity swept through the market. Ethereum started the new week on the front foot, extending the recovery from March 4 lows of $1,442 into the 3rd day on Monday. The largest Altcoin tracks the optimism across the crypto markets, especially with Bitcoin back above the critical $50,000 level. Ethereum is currently trading at $1,857 as ETH/USD bulls sustain upside run for 4 days in a row. Ethereum has since gained 1.25% in the last 24 hours and 13.44% on a 7-day basis amid a retreat. Ranking second on the Coinmarketcap table, Ethereum has a present market cap of $211 billion and $23.8 billion in trade volume over the past 24 hours. Ethereum soars from the eye-popping sales of non-fungible tokens (NFT). At the same time, Ethereum’s scheduled “Berlin upgrade” has caught investor attention. Berlin is scheduled to go live on April 14 while Ropsten, the first Testnet to upgrade, is scheduled for March 10. The Goerli and Rinkeby networks are expected to upgrade on March 17 and March 24, respectively.
*Ethereum extends the recovery from March 4 lows of $1,442 into the 3rd day on Monday
*Ethereum is currently trading at $1,857
*Ropsten, the first Testnet to upgrade, is scheduled for March 10
Key Levels
Resistance Levels: $2,042, $1,980, $1,877
Support Levels: $1,750, $1,600, $1,450
ETH/USD Daily ChartEthereum rebounded off the MA 50 ($1,600) on March 5 to reach intraday highs of $1,879 on March 9th. The upsloping moving averages and the RSI in positive territory indicate an advantage to the bulls. If the bulls can sustain the price above $1,877, the ETH/USD pair could retest the all-time high at $2,040. A breakout of this resistance could start the next leg of the uptrend.
Meanwhile, holding above the support at $1,800 will play a key role in keeping the bears at bay. This support will also keep the bulls’ focus on higher levels. Contrary to this assumption, if the price turns down from this level and breaks below the MA 50 at $1,600, the ETH/USD pair may retest the ascending trendline support at $1,292.
ETH/USD 4-Hour ChartETH/USD presently consolidates gains at around $1,855. The bulls managed to push the ETH price to $1,879 before a minor retreat. Acceptance above the $1,877 could trigger fresh demand, which is likely to drive ETH price towards $1,980. The next stop for the bulls is seen at the record highs of $2,041. On the flip side, a downside move could likely be stalled by the 4 hour MA 200 at $1,700.
Failure to avoid a drop beneath the MA 50 at $1,650 could fuel a sharp drop towards the ascending trendline support at $1,292. The RSI is approaching an overbought zone which may suggest an imminent correction. The ETH/USD pair is only bullish while trading above the MA 200 and $1,800 level, key resistance is found at the $1,877 and the $1,980 levels.
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