Ethereum has been trading within just one range: the $1420 and $1650 price region since the beginning of March. A recent analysis showed that the coin recently saw a small surge to $1528. Even though it went further to touch a region close to $1596, the digital asset has since seen a decline, bringing it back to a region of around $1549. Even though the price of Ethereum has shown promise in the last few days, the digital asset has failed to stop trading in the Sideways position.
Ethereum is facing strong resistance
With it still trading in this position, analysts have pointed out that Ethereum is likely to face a strong resistance of around$1,600. The price remains in a bullish trajectory, even though it has failed on many occasions to break above the $1596 resistance. With the digital asset trading above the 9-day moving average, analysts do not know where it might face next as volatility is still present in the market.
If the coin goes below, then it could be on for a big drop and vice versa. Ethereum has also been projected to continue in the phase due to the 9-day moving average being closely packed under the 21-day moving average. If the asset decides to do a fast climb, it could well touch the $1,800 resistance. If the bulls are successful, it could go all the way to hit the $1900 resistance level before going on to rest on the $2000 resistance level finally.
A drop below will also see the bears lead the asset close to the $1,200 price mark. If the traders fail to rally and help the bulls, it could be on its way under to touch the next support at $1,100 and the second one at $1,000. Notably, the Relative Strength Index is also in the bearish in a zone under the 50 level.
Compared to Bitcoin, the digital asset is presently being led by the bears as it hopes to break above the moving averages in the coming days. With traders including their buying power to push up the coin, the bulls are ever-present in the market. Meanwhile, the sellers contend with the buyers as they are slugging it out to see where the coin goes.
Ethereum it’s currently residing close to the lower boundary channel with the digital asset trading at 0.032 BTC. The RSI of the asset is presently at the 40 level, and if the bulls eventually shoot up above the resistance level, the asset could sell at a price close to 0.040 BTC. If the bears return, then it could go as low as 0.025 BTC.