Bitcoin and Ether Market Update March 18, 2021

ETH/USD

The Ethereum Project token ETH ended the previous week with an 11 percent of price increase. The coin hit the $1,940-$1,960 resistance zone on Saturday, which stopped it from printing a new all-time high and 24 hours later dropped to $1,845 or right below the next major S/R area.

On Monday, March 15, the session was extremely volatile, jumping up and down the support zones. It registered a daily low of $1,730, right at the 20-day EMA and although it recovered to $1,730 in the evening part of the session, the correction resulted in a 3 percent loss for ETH.

The bear pressure reached its highest point on Tuesday when the ETH/USD pair broke down to $1,710 losing the short-term EMA and the diagonal support (as part of the uptrend channel). It quickly reclaimed positions above those indicators and even closed the day in green by stabilizing near $1,805.

The mid-week session on Wednesday was an extension of the good performance from the previous day and the ETH/USD pair moved up to $1,822, but not before hitting the weekly open at $1,840.

The coin is not able to break the resistance formed near the mentioned level on Thursday morning and is drawing a pattern similar to a Head and shoulders formation on the 4-hour chart.

Related posts:

Source: Read Full Article