Key Highlights
- Currently, the ETH market is ranging between $210 and $235
- The uptrend is delayed because of the bulls’ failure to emerge
Ethereum (ETH) Current Statistics
The current price: $231
Market Capitalization: $25,497,776,571
Trading Volume: $17,318,858,487
Major Resistance Zones: $175, $200, $225
Major Support Zones: $125, $100, $75
Ethereum (ETH) Price Analysis March 05, 2020
Following the last bearish impulse on February 26, Ethereum has resumed a range bound movement between $210 and $235. The upward movement of price is hampered because of the bulls’ failure to emerge after the coin was oversold. The downward movement of the price is exhausted because the market has reached the oversold region. Selling has been overdone.
By default, buyers are expected to emerge at the oversold region to push ETH upward. At the moment, buyers have not fully emerged, and Ethereum is still in the oversold territory.
Currently, the market is fluctuating within the confined range. The bulls and bears are undecided about the direction of the market. If the bulls have fully emerged in the oversold region; the market will experience an upward movement of price. The bulls are expected to break the minor resistance at $235, giving way for the bulls to revisit the overhead resistance at $286. It will not be an easy task for the bulls to walk through the resistance as the bears will defend aggressively.
Ethereum Technical Indicators Reading
ETH at the moment is in the oversold region but the stochastic bands are above the 20% range indicating that price is in bullish momentum. The acceleration of the bullish momentum will come when price breaks above the 12-day EMA and the 26-day EMA. Presently, the coin is trading in the bearish trend zone.
Conclusion
Ethereum may resume its uptrend if the bulls emerge at the oversold region and the bullish momentum is sustained. Presently, the price bars are below the 12-day and 26-day EMAs which indicate a downtrend. As the bulls emerge, it is expected that price will break above the EMAs for uptrend resumption.
Coinfomania recently reported that the top 100 ETH wallets entered an accumulation phase despite the recent consolidation.
