Ethereum is forming a very bullish structure on the daily chart. The second-largest cryptocurrency has made a robust weekly green candle as well.
As discussed in the March 17th analysis, confirmation of the reversal of the downtrend would be considered after the price crosses above the static level at $3300. Looking at the weekly candlestick at the end of January, we see that the price fell again despite the 25% surge, and February was all downhill. Technically, by forming a higher high and crossing above the static level at $3300, which is the intersection of many resistances, we can consider a trend reversal with more confidence.
RSI-14: Crossing the downtrend line and moving in the bullish area
Resistances levels: $3,000 and $3,300
Supports levels: $2700 and $2500
As discussed in the March 17th analysis, confirmation of the reversal of the downtrend would be considered after the price crosses above the static level at $3300. Looking at the weekly candlestick at the end of January, we see that the price fell again despite the 25% surge, and February was all downhill. Technically, by forming a higher high and crossing above the static level at $3300, which is the intersection of many resistances, we can consider a trend reversal with more confidence.
RSI-14: Crossing the downtrend line and moving in the bullish area
Resistances levels: $3,000 and $3,300
Supports levels: $2700 and $2500