Ethereum Analysis of March 2: Targeting a New Uptrend?

According to the Ethereum analysis of March 2; Ethereum rallied as high as $3,000 after finding strong support near the $2,300 zone. ETH price is rising and it could rise if it surpasses the $3,050 resistance area.

Ethereum Continues to Find Support

Ethereum started a massive increase above the $2,750 and $2,850 resistance levels. It formed a local top around $3,042 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the last wave.

There is also a major bullish trend line forming with support near $2,960 on the hourly chart of ETH/USD. ETH is facing resistance near the $3,020 level. The first major resistance is seen near the $3,040 and $3,050 levels. A clear move above the $3,050 level could open the doors for more gains. In the stated case, the price could likely rally towards the $3,120 level. The next major resistance is currently near the $3,200 level. Any further gains could send the price towards the $3,320 level.

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Ethereum analysis of March 2
Ethereum analysis of March 2

Are Drops Limited On Ethereum?

In the March 2 Ethereum analysis, according to Jindal; He says if Ethereum fails to continue above the $3,050 resistance, it could start a downside correction. An initial support on the downside is near the $2,960 level and the trend line. A downside break below the $2,960 support could push the price towards the $2,850 support level. The next major support is near the $2,800 level and the 100 hourly simple moving average. This is close to the 50% Fib retracement level of the recent wave from the $2,559 low to $3,042 high.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is still above the 50 level.
  • Major Support Level – $2,850
  • Main Resistance Level – $3,050

Note: You have come to the end of the Ethereum analysis of March 2. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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