The cryptocurrency market had a mixed session today as selected Altcoins marched higher. With rotation in play, BTC fell to lows of $56,300 before a rebound, while Ethereum traded at highs above $1,939, climbing 4.2%. Ethereum recorded its third day of gains after a bounce off the MA 50 ($1,733). As of the time of writing, Ethereum was exchanging hands at $1,934. Ranking second on the Coinmarketcap table, Ethereum has a present market cap of $222 billion and $30 billion in trade volume over the past 24 hours. ETH/USD climbs higher amid bullish news regarding Visa and Paypal. As part of a pilot program, Visa is using USD Coin to settle transactions over Ethereum while Paypal recently announced that it will allow its U.S. consumers to pay with cryptocurrencies (ETH inclusive) when they transact with millions of its global merchants. Meanwhile, Glassnode indicated that the total value in the ETH 2.0 deposit Contract just went above $7 billion.
*Ethereum recorded its third day of gains after a bounce off the MA 50
*Ethereum is exchanging hands at $1,934
*ETH/USD climbs higher amid bullish news
Resistance Levels: $2,100, $2,041, $1,980
Support Levels: $1,800, $1,700, $1,600
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
Ethereum resuscitated the positive climb after a failed attempt to break beneath the ascending trendline support. The bounce off the MA 50 ($1,733) on Tuesday appears to have provided the climb with fresh footing. However, ETH price needs a strong push higher to create further gains above $1,944, having confirmed it as resistance on Mar. 12.
A successful attempt above the $1,948 level could take the ETH/USD pair towards the all-time high of $2,041, achieved in February. More increases could send the pair to rally past $2,500. On the other hand, if ETH price turns down from current levels, support awaits at the MA 50 and also at the ascending trendline support situated at around $1,655. The first sign of weakness will be when the price dips below the trendline support.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
Ethereum remained in a decent uptrend from the $1,770 lows to achieve highs of $1,948. In case of a continuation of the rally and a successful climb above $1,948, the pair could flirt with the $2,000 psychological level. Another step higher could enable the ETH/USD pair to reach the February all-time high at $2,041. At the moment, the pair is consolidating gains at $1,930 and it remains well supported on the downside.
In the alternative scenario, a move lower could challenge the $1,770 support level again. Slightly below this, the MA 50 close at $1,722 could attract traders’ attention before moving lower to the MA 200 at $1,706. Steeper losses could see a retest of the support located at the ascending trendline coinciding with $1,544. Overall, ETH/USD has been in an ascending tendency since Dec. 2020.
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