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Ethereum (ETH) Price Analysis for March 22

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Wed, 22/03/2023 - 15:55
Ethereum (ETH) Price Analysis for March 22
Cover image via www.tradingview.com

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Bulls are back in the game, as the rates of most of the coins keep rising.

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Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) has not followed the rise of Bitcoin (BTC), falling by 0.36%.

ETH/USD chart by TradingView

Despite the slight decline, the rate of Ethereum (ETH) has broken the local resistance at $1,812 and is trying to fix above it. If it happens, the accumulated power might be enough for the impulse to the $1,850 mark.

ETH/USD chart by TradingView

On the daily time frame, the price of Ethereum (ETH) is trading in the middle of the channel, between the support at $1,730 and the resistance at $1,846. Currently, the leading altcoin is accumulating energy for a further sharp move.

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If buyers can hold the rate above the $1,800 mark, the breakout of the resistance may lead to the test of the $1,900 area shortly.

ETH/BTC chart by TradingView

Bulls could not keep the rise going after yesterday's bullish candle closure. If the situation does not change by the end of the day, there are high chances to see the breakout of the support level at 0.06222.

Ethereum is trading at $1,807 at press time.

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