##Can Ethereum (ETH) Price Regain Footing Ahead of Testnet Release?

 


Free Crypto Signals - https://telegram.me/btctradingclub


                     https://cryptosignals.quora.com/


Learn Crypto currency trading free training will be provided & FREE Crypto Signals for major exchanges such as Binance, Kucoin, Binance Futures, Bybit, Coinswitch, CoinDCX, Kraken, WazirX, Bitmex, HitBTC, Bittrex, Bitfinex, BitSeven, Poloniex - then our signals are perfect to make daily profit in your Account


Why our signals are such high in accuracy? Because we sent all those signals post detailed analysis considering the technical & fundamental aspect of the coin. We are SPECIAL as we assist our traders by sending them the EXIT or Closure call on time which makes the trading easier. All our coins which we have asked to buy or hold has provided great profit. Enter our Telegram group & make daily profit in your Account


In Brief


Ethereum (ETH) is following a long-term descending resistance line.


It deviated above the $1,675 resistance area.



Ethereum (ETH) created a bullish engulfing candlestick on Feb. 26.


The Ethereum (ETH) price is trading below an important resistance area at $1,690. Whether it reclaims it or gets rejected could determine the future trend’s direction.


In the news last week, Ethereum developers stated that they want to build a new testnet to solve the issue of token distribution for developers that currently use the Goerli Testnet. The CEO of Polygon said that Layer 1 protocols are the future of the blockchain ecosystem, and the Ethereum blockchain is the most important one.


Finally, the most important piece of Ethereum news is that the Shapella hard fork will activate on Feb. 28 and test validator staking withdrawals.


Ethereum (ETH) Price Fails to Break Out Above Long-Term Resistance

The technical analysis for Ethereum’s weekly chart is mostly bullish. This is evident by the bullish engulfing candlestick two weeks ago (green icon). While the ETH price was rejected last week (red icon), it did not negate the bullish engulfing candlestick. However, the price of ETH has yet to break out of a descending resistance line that has been in place since the all-time high.



Despite this, the weekly RSI has broken through its descending resistance line. Similar price breakouts frequently follow this. As a result, the price of ETH may break out and rise toward an average price of $2,000. However, if the rejection continues, the price of Ethereum could fall to $1,200.




Ethereum (ETH) Price Prediction for March Is Undetermined

The Ethereum price prediction for March is still undetermined. The reasons for this are the conflicting price action and technical indicator readings. 


On the bearish side, the ETH price deviated above the $1,660 horizontal resistance area (red circle). Downward movements often follow such deviations.


On the bullish side, ETH created a bullish engulfing candlestick on Feb. 26 (green icon). Moreover, the daily RSI broke out from its bearish divergence trend line (green line) and is now above 50.


There is a confluence of support levels at $1,490. It is created by the 0.382 Fib retracement support level, a horizontal support area, and the middle of an ascending parallel channel from which ETH previously broke out.


Therefore, whether the price breaks down below this area or reclaims the $1,660 resistance could determine the future trend. The former could lead to a drop toward $1,200 while the latter could lead to an increase above $2,000.



To conclude, the Ethereum price forecast for March is still unclear. Whether the ETH price closes above $1,690 or below $1,490 could determine the future long-term trend.




Comments

Post a Comment

Popular posts from this blog

#Dogecoin Holders Have Increased by 500K in the Last 3 Months, Is This A Sign to Buy?

Image
 Most crypto projects proceed to wind down in acknowledgment sooner or later, paying little heed to how earth shattering their presentation or pinnacle period was. While this can be attached to how much worth they offer, it is in some cases an eccentric destiny for some. On account of Dogecoin, its absence of a strong use case brought about a diminishing in the quantity of holders and a decrease in its cost. For more information on this topic visit our telegram channel       Visit - https://telegram.me/btctradingclub                                                    https://cryptosignals.quora.com/ Notwithstanding, the circumstance currently seems positive for this image coin, as its number of holders has expanded essentially by 500k over the most recent 90 days. This has prompted financial backers posing the inquiry, 'Is this a sign to purchase?' This article gives the response to this inquiry by examining the basics and contrasting master financial backers' recommendatio
Read more

##Is it still good to invest in Bitcoin 2023?

Image
           Visit - https://telegram.me/btctradingclub                                                     https://cryptosignals.quora.com/ The possibility for long-term investing in bitcoin depends on market circumstances and personal risk tolerance. Even if institutional backing and considerable growth have been seen for Bitcoin, it is still advisable to do your homework, weigh the advice of experts, and examine your personal financial objectives before making any crypto purchases.
Read more

#Top 5 Penny Cryptos to Buy in India 2023

Image
 Here are the main 5 penny cryptos to consider purchasing in the Indian market in the year 2023 The digital money market has acquired critical consideration and prevalence around the world, and India is no special case. While notable digital currencies like Bitcoin and Ethereum have caught the spotlight, there is additionally a section of penny cryptographic forms of money that offer special speculation valuable open doors. In this article, we investigate the main 5 penny cryptos worth considering for interest in India in 2023. For more information on this topic visit our Telegram group                               Visit - https://telegram.me/btctradingclub                                             https://cryptosignals.quora.com/ 1. Dogecoin (DOGE): Dogecoin acquired significant consideration because of its cheerful nature and viral prominence. At first made as an image coin, DOGE has consistently secured itself as an unmistakable cryptographic money. It has a huge and dynamic loca
Read more