- The MACD for Ethereum price shows sustained bullish momentum.
- Healthiest support lies at $2,075.
The Ethereum price has jumped from $1,590 on March 26 to $2,165. As things stand, ETH has risen by $575 and is looking to enter the $2,200 level. During this upward surge, the buyers managed to flip the 20-day and 50-day SMAs from resistance to support. Let’s take a closer look with technical analysis.
Ethereum Price Faces Crucial Resistance On Road To $2,200
As things stand, the Ethereum price there is a crucial resistance barrier at $2,170 that’s preventing the buyers from entering $2,200. However the MACD shows sustained bullish momentum, and the RSI has not yet entered the overbought zone. This tells us that ETH still has room to grow.
Image: ETH/USD daily
Looking at the IOMAP for Ethereum price, we see a robust support wall at $2,075. Previously, at this level, 373,000 addresses had purchased 11.6 million ETH tokens. This level is healthy enough to absorb a lot of selling pressure.
Ethereum Price Sentiment Continues To Be Negative On Twitter
Despite charting a new all-time high every other day, the general sentiment around Ethereum continues to be negative.
Santiment shared the above chart and tweeted:
“It appears #cryptotwitter is expecting a downswing for both #Bitcoin and #Ethereum, according to our popular 'Weighted Social Sentiment' metric. Historically, these extreme negative crowd moods are indicative of an increased likelihood of a price rise.”
Meitu now Holds $100 Million in BTC and Ether
In a recent disclosure filing, Hong Kong-based firm Meitu revealed that it currently holds $100 million worth of crypto in its portfolio. Meitu reached the $100 million mark following its recent purchase of 175 bitcoins worth $10 million a few days ago.
On March 5, the company acquired 379 BTC and 15,000 ETH. It subsequently expanded its portfolio by purchasing 16,000 ETH and 386 BTC on March 17 before its recent purchase last Thursday. Meitu now holds 31,000 ETH and 940 BTC in its portfolio.
In the filing report, Meitu mentioned that investing in digital assets is part of its plans to diversify its portfolio. It further stated that Bitcoin is an effective hedge against the depreciation of fiat currencies and is an excellent store of value. The firm said:
The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash in treasury management.
Meitu is one of the few Chinese public companies to add cryptocurrency to their balance sheet. China has enforced a strict policy on digital assets, and only Chinese companies listed outside mainland China can invest in cryptocurrencies.
Ethereum Price Is Expected To Reach These Levels
The Ethereum price will likely cross over the $2,170 resistance barrier and enter $2,200.