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Ethereum, SAND, ApeCoin Price Analysis: 23 March

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Ethereum made a solid comeback during the previous week, while SAND followed suit. On the other hand, the newly released ApeCoin has everyone’s attention as it enjoyed considerable buying strength.

Ethereum (ETH)

Source: Ethereum (ETH)/USD TradingView

Ethereum (ETH) bounced back from the $2522 support on 15 March and recorded steady gains over the previous week. The alt has marked consecutive higher lows since then, recording a 9.5% growth during the last week. Earlier, the coin traded sideways since 5 March between $2522 and $2746 zone. 

Owing to strong support from the buyers, the coin went up the chart. It even hit a resistance at $3040 level the previous day. However, the price fell by 2.15% over the previous day and ETH could soon be retesting support at $2878.13 level. The RSI hovered at 54.52, indicating a minor dip since the previous day, while the MACD hinted at a bearish crossover above the zero line. ETH prices may drop a little more in the days to come.

The Sandbox (SAND) 

Source: The Sandbox (SAND)/USD TradingView

The Sandbox (SAND) made a notable recovery since 16 March as the coin bounced from the $2.72 support level to hit resistance at $3.25. Ever since 17 March, the coin has been trading sideways between the $3.03 and $3.25 mark. SAND was able to maintain higher lows.

The alt gained 7.89% over the previous week and during press time, it traded for $3.16, gaining 1.5% over the previous day. The RSI hovered at a solid 55.98 while the DMI indicated a bullish crossover. It is expected that the alt may hit the resistance at $3.25 once again in the days to come, and might as well breach it if the buyers showed support.

ApeCoin (APE)

Source: ApeCoin (APE)/USD TradingView

ApeCoin (APE) which was released on 17 March has seen quite a lot of trading volumes. The charts suggest that as soon as it was released, the buyers pushed the coin up the chart from $7.19 to hit resistance at $17.69 the very next day.

The alt dipped on 19 March and it found support at $10.01 level. During press time, the alt was trading at $12.03 and was likely to retest support at $11.70 level. The RSI stood relatively strong at 58.25, even though it seemed to be dipping gradually. Even the AO was above the zero line, but gradually turning red and narrow.

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With a background in Political Sciences, Avinandan is deeply interested in Blockchain and how it can transform the society as we know it. He takes a special interest in cryptocurrencies and technical analysis of their price actions.
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