Ethereum Remains On Decline After A Sharp Move

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Ethereum (ETH) Price Analysis – March 12. After the heavy sell-off, Ethereum markets have been positioned in a downward direction. Today, ETH -0.47% trading volume is estimated at $4.8 billion with a market cap of about $14.1 billion. However, surge volatility is expected to play out to restore the bullish trend. Otherwise, ETH would remain its current downtrend.

ETH-USD Market

Key levels:

Resistance levels: $145, $155, $170

Support levels: $125, $115, $105

Recording a low of $103 in February, Ethereum climbed in a bullish flag pattern to the peak of $170 before experiencing a sharp drop to $135 support level. Since then, the token has been trading below $145; establishing a wedge pattern. ETH is now trading at $135 price level.

ETHUSD, 4H chart - March 12
ETHUSD, 4H chart – March 12

As revealed on the 4-hours RSI, ETH is reaching for the oversold region. The nearest significant support is at $125, testing the lower wedge. A rebound is likely to touch the previous resistance at $145 at the upper wedge.

From above, a heavy buy-off could send price to $155 and $170 resistance levels. From below, a huge sell-off might also make a bottom at $115 and $103 supports levels. For now, the market would continue to wave within the area of the trend lines.

ETH-BTC Market

Against Bitcoin, Ethereum has been following a channel pattern since late February after witnessing a massive drop. Before last month drop, ETH was maintaining a higher high higher low pattern with a gain of about 30%. But today, the token’s bearish condition is trading at 0.034 BTC price level.

ETHBTC, 4H chart - March 12
ETHBTC, 4H chart – March 12

At the moment, the 4-hours RSI suggests a push-up. An upward movement would quickly touch $0.036 resistance level. Similarly, a downward movement is likely to bottom at $0.033 and beyond.

However, the 4-hours Stochastic RSI revealed price action nearing the overbought level. Once the buying pressure reaches exhaustion, the sellers would resume pressure.

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