Ethereum Price Analysis – March 2

Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Bullish

Resistance: $890, $885, $880

Support: $860, $865, $870

Yesterday, ethereum was in a sideways market and the price was oscillating between the resistance level of $870 and support level of $855. Today, ethereum is trading at $872.52 in a bullish market. The daily chart shows a smooth uptrend with the trend lines showing support levels. An uptrend is present when prices make a series of higher highs (HH) and higher lows (HL).We can trade the uptrend by using the tools available to us.

First you can follow the familiar logic of buying low or selling high. Secondly, in an uptrend, if a currency pair retraces from its recent high, it’ll create a support level. Traders who wish to go long can enter a position when price pulls back to its support level. Thirdly, if the trend does not continue, you can exit your position.

On the other hand, if the trend does continue, you could profit several times the amount you initially risk to enter the trade.

ETHUSD Short-term trend: Bearish

Ethereum, ETHUSD, CryptoCompare chart

The short term trend is a bearish market, and  the daily chart  showing resistance level where you can short. The  RSI period 14 is level 74 indicates that the market is overbought. The RSI indicator gives a strong signal that reversal in price is imminent.