Ethereum (ETH) Is Trending, with the Bulls Eyeing a Return to $3,500

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Updated: Mar 27, 2022, 07:53 GMT+00:00

Ethereum (ETH) was on the move this morning, testing resistance levels following Saturday's gain. Avoiding the day's pivot would support another breakout.

Shiny Ethereum crypto-currency background

Key Insights:

Ethereum (ETH) wrapped up Saturday at $3,100 for the second time since mid-February.
On CoinMarketCap, Ethereum was a top 10 trending coin this morning, with $3,500 the next target.
Technical indicators are flashing green, with ETH sitting well above the 50-day EMA.

It was a bullish day for ETH on Saturday, with ETH joining the top ten crypto majors in positive territory.

Reversing a 0.29% loss from Friday, ETH gained 1.35% on Saturday to end the day at $3,146.

Despite the bullish session, ETH left the Major Resistance Levels untested. ETH fell short of the First Major Resistance Level at $3,172, with a day high of $3,154.

Market Sentiment Drives ETH Back to $3,100

Broader crypto market sentiment delivered support on Saturday. Following this week’s news of Three Arrows Capital staking 36,401 ETH into Lido’s liquidity pool, ETH is trending.

ETH Price Action

At the time of writing, ETH was up by 0.31% to $3,156. A bullish start to the day saw ETH strike an early high of $3,170 before easing back. ETH tested First Major Resistance Level at $3,171 early on.

A move through February’s high $3,283 would bring $3,500 into play.

Technical Indicators

ETH will need to avoid the day’s $3,129 pivot to make another run on the First Major Resistance Level at $3,071. ETH would need the broader crypto market to support another breakthrough to $3,170 levels.

An extended rally would test the Second Major Resistance Level at $3,196 and resistance at $3,200. The Third Major Resistance Level sits at $3,263.

A fall through the pivot would test the First Major Support Level at $3,104. Barring an extended sell-off, ETH should avoid a return to sub-$3,000. The Second Major Support Level at $3,062 should limit the downside.

Avoiding the day’s pivot would support a run at $3,200.

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bullish signal. ETH continues to hold above the 50-day EMA currently at $3,007. This morning, the 50-day EMA pulled away from the 100-day EMA, delivering price support. The 100-day EMA also pulled away from the 200-day EMA, bringing the Major Resistance Levels into play.

Avoiding the 50-day EMA would bring $3,500 levels into play.

Holding above the 50-day EMA brings $3,500 into play.

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.

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