ETH is following a descending support line and has done so since July 2019. There is a strong support area at $85, which will soon coincide with the descending support line.
On March 12, the Ethereum price decreased significantly and reached a low of $101.2. Since then, it has made numerous attempts at retracing last week, most notably on March 20, when it reached a high of $153, but they have all ultimately been proved to be unsuccessful.Therefore, the short-term upside potential is limited, since the price has to flip numerous resistance levels in order to move upwards.
Rather, the price is expected to re-test the support line and support area, before possibly making another attempt at bouncing upwards.
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On March 12, the Ethereum price decreased significantly and reached a low of $101.2. Since then, it has made numerous attempts at retracing last week, most notably on March 20, when it reached a high of $153, but they have all ultimately been proved to be unsuccessful.Therefore, the short-term upside potential is limited, since the price has to flip numerous resistance levels in order to move upwards.
Rather, the price is expected to re-test the support line and support area, before possibly making another attempt at bouncing upwards.
Please leave a LIKE and/or a COMMENT if you enjoyed the analysis
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.