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Analysis

Ethereum Price Analysis: 08 March

Namrata Shukla

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Source: Pixabay

Despite the short-term sell-offs Etheruem’s price has been rising. The value of the largest altcoin has been moving higher above the resistances and was currently being traded at $1,716. As the digital asset tried to maintain this high value, selling pressure was once again emerging in the market.

Ethereum one-hour chart

Source: ETHUSD on TradingView

The Ethereum price has been surging towards its next resistance at $1,800, but the sellers in the market were pushing the value of the digital asset lower. Ethereum’s value found support at $1,643, after which it bounced higher but has been seeing a retracement at the time of writing.

As the value continued to be pushed and pulled by the traders, we may see a shortfall in the market.

Reasoning

The Ethereum market has been opening up for more volatility. The Bollinger Bands diverged which was a sign of increasing activity in the market, whereas, the signal line remained under the candlesticks. This indicated that the pressure was still dominant from the bulls.

Meanwhile, the digital asset just hit the overbought zone and dropped. There was selling in progress but currently, the market was holding and paying the high value for ETH. The Awesome Oscillator has been indicating a reduced momentum in the market, which could lead for the price to witness another drop.

Crucial levels

Entry-level: $1,728
Stop-level: $1,742
Take profit: $1,685
Risk to Reward: 1.12

Conclusion

The above chart of Ethereum has been noting that the price of the digital asset has climbed much higher. This price has not been supported by the traders in the market which has enabled the rise of the selling momentum. This may push its value closer to the support at $1,643. However, with the present volatility in the market, the users may want to trade cautiously.

 


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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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