The overall crypto market remains bid in at the end of the week on Saturday as the global crypto market cap hits $1.90T, a 1.52% increase over the last day seeking to cracks the $2.0T barrier, where it faced strong headwinds past two months. Ethereum is up nearly 15% over the past 7 days and leading altcoins from the top ten. After ETH’s massive recovery-rally, investors might look on for missing proof – which might lead to profit-taking as fears of Fed rates continues. Despite recent bullish dynamics, Ether has spent practically the entire month of March trading in a top and bottom range between $3,045 high and $2,445 low. At the time of this analysis, ETH/USD pair is set to test key levels above $3,000, slightly adding more gains on the day, reaching an intraday high at $2,988. According to IntoTheBlock largest outflows in 2022 – over 180k $ETH was withdrawn from centralized exchanges within a single day. This is the largest net outflow since Oct 2021, which signals the mood of whale buy for long-term storage of the asset. Per the on-chain analytics, this is within ten days of a 15 percent price rise.
Key Levels
Resistance Levels: $3,500, $3,200, $3,000
Support Levels: $2,800, $2,500, $2,300
ETH/USD Daily ChartETH/USD has been on the rise in recent 6 days, rising over its moving average (MA 50) to reach $2,988 on March 19. The near-term picture has improved, although a decisive upside break above $3,000 is still required. Near-term momentum indicators, on the other hand, indicate that a downturn is likely, as the RSI is struggling at the 60 zones.
A potential downturn could stall above $2,800 for a while before aiming to breach the MA 50, which is currently at $2,790. A bearish break might lead to a retest of the horizontal support level at $2,500, with a violation reverting the outlook to bearish. On the other hand, if the bulls sustain recent control, $3,200 will be the next hurdle.
ETH/USD 4-Hour ChartETH has been on the rise since Mar. 14, when it bounced off the $2,500 support level. During today’s trading session, the price surged to new highs of $2,988, but it is currently encountering substantial resistance near the $3,000 level. If price movement rises above $3,000 (immediate resistance), $3,200 levels, and then the next barrier at $3,500 might be tested.
On the other hand, if the pair fails to maintain its gains, the focus will shift to the negative. The $2,800 immediate barrier is the next support to watch, ahead of the moving averages 50 and 200 on the 4-hour chart, which are at $2,740 and $2,700, respectively. In other words, a decisive advance over $3,000 would lead to further gains, whilst a break back below $2,800 might lead to further losses.
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