If you are tracking Ethereum and curious about Ethereum price analysis, then this analysis is for you. As we go through the analysis, we will determine the key support and resistance levels of Ethereum and how it may behave in upcoming trading sessions.
In the past 24 hours, the price of ether (ETH) moved in a range as it tested its critical levels. The price broke the support of a downward-moving channel at 01:35 UTC, which was further corroborated by the Relative Strength Index (RSI) dropping below the level of 30 and showing oversold market conditions.
However, the market showed signs of recovery as the Moving Average Convergence Divergence (MACD) showed a golden crossover at the same time, pushing the market to the upside. The market formed an upward-moving channel that broke out to the downside at 06:40 UTC, which was further corroborated by the death cross of MACD at the same time. The market formed an expanding triangle pattern that broke out to the downside and formed a range there. The range broke out to the upside, but the breakout candle proved to be just a gap to the buy-side, and the breakout failed.
The price formed a support level at $2000, and when the price reached that level in a channel, the channel broke out to the upside at 16:50 UTC, which was further corroborated by the golden crossover of MACD. The breakout formed a spike and channel pattern. At 19:00 UTC, RSI moved into the overbought area, suggesting at least a pullback in the price, and the price pulled back in the form of an expanding triangle.
The expanding triangle broke out to the downside but failed to form a spike and reversed back into the expanding triangle. The price marked the high for the day at $2220 at 21:25 UTC. At the same time, RSI moved to the oversold area, and the price pulled back from that area, creating a resistance zone at $2220.
The price formed a channel that broke out to the upside at 01:20 UTC on 5th March, which was further corroborated by a golden cross of MACD at the same time, but the spike was soon followed by an expanding triangle pattern.
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