Ethereum Technical Analysis: ETH Flatlines After Threatening To Break Past $1,850
Daily Ethereum ETH Price Analysis
- Previously, the Ethereum price has flipped the 20-day and 50-day SMAs from resistance to support.
- The daily ETH chart has flashed multiple buy signals.
On March 26, the Ethereum price jumped from $1,585 to $1,845 on March 30, gaining over $250 in its overall valuation. However, it seems like the entire bullish rally has been blocked by the $1,845 resistance barrier and drops to $1,815.
Ethereum Price Blocked By $1,845 Resistance
Over the last three days, the Ethereum price surge has flashed multiple buy signals?
- The 20-day and 50-day SMAs have flipped from resistance to support.
- The MACD shows that market momentum has reversed from bearish to bullish.
- The parabolic SAR has reversed from bearish to bullish.
Image: ETH/USD daily
When you look at the IOMAP, there is a very robust support zone at $1,760, which sees a confluence of the 20-day and 50-day SMAs. Previously, at this level, around 711,000 addresses had purchased nearly 12 million ETH tokens. This level is robust enough to absorb a lot of selling pressure.
Scepticism Surrounds Ethereum Price
As per Santiment, the skepticism surrounding Ethereum price is at its highest level since September 2020.
"#Ethereum has wobbled its way back above $1,800, and the crowd has serious doubts on whether it'll last. This extreme level of crowd scepticism is historically bullish for #crypto coins."
Ethereum Price Is Expected to Reach These Levels
The Ethereum price will probably retest the $1,845 resistance and make for the $1,900 level once again.