Ethereum Price Analysis – March 6

Azeez Mustapha

Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Sideways

Resistance: $1000, $950, $900

Support: $700, $750, $800

The ETHUSD pair is in a sideways market and  trading at $852.26 as  at the time of writing.

The sideways market is horizontal and flat and beside that it has a choppy price action .As usual you abstain from trading in a sideways market; but a sideways market that is ranging is tradable. Meanwhile, 50-day moving average and 20-day moving average are trending sideways whereas the RSI period 14 is level 26 indicates that the market is oversold suggesting bulls to take control of the market. Presently the market is falling.

ETHUSD Short-term trend: Bearish

Ethereum, ETHUSD, CryptoCompare chart

In the short term trend, the daily chart shows the pairs in a bearish outlook. The bearish trend line shows the resistance levels where you can take a short trade if you had followed the trend from its inception. It has been established that in a downtrend the price will always have a retracement from the low and resistance levels would be created where traders would take a short trade.

However, 50-day moving average and 20-day moving are trending southward whereas the RSI period 14 is level 10 indicates that the market is oversold suggesting bulls to take control of the market

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