Ethereum

Ethereum Price Analysis: 200-day EMA Halts ETH Recovery At $3150; Hold Or Sell Now?

03/27/2022
Bitcoin Ethereum News

The symmetrical triangle breakout kick starts a new Ethereum(ETH) price recovery. The buyers have surged the altcoin by 12.5%, hitting the $3200 mark. However, the 200-day EMA prevents any further price rally, suggesting a minor pullback is needed before the bull run could continue. 

Key points: 

  • The ETH chart shows rejection at $3200 resistance.
  • The intraday trading volume in Ether is $9.11 Billion, indicating a 16.26% loss.

TradingView ChartSource- Tradingview

The two-month consolidation phase in Ether price favored the bulls with a bullish breakout from the descending trendline of the symmetrical triangle. The post retest rally initiated a four consecutive green candle which pumped the altcoin by 11.26%.

The second-largest cryptocurrency traders at the $3144 mark displayed higher price rejection at 200-day EMA. If sellers revert the coin price from this EMA resistance, the minor pullback can find solid support of $3000. 

This dip opportunity could bring more long traders into the market, suggesting their next target at $3600.

Conversely, if sellers slip the altcoin below the $3000 mark, the resulting downfall could meet the support trendline.

On-chain metric-Global In/Out of the Money

GIOM metric

  • The GIOM metric shows 75.77% are ‘In The Money’ and experiencing profit. On the flip side, 20.02% of holders are at the money projects.
  • The nearest green cluster shows possible support at $2884, followed by $2456. Moreover, the next red cluster indicates the demand zone $3332 and later $3796.

Technical Indicator

  • The 200-day EMA line restricts buyers from rallying beyond the $3200 mark. On the other hand, the recently flipped 50-day EMA should assist in forming the dip support.
  • The MACD indicator escapes its own consolidation below the neutral zone and reenters the bullish territory. A significant spread between the MACD and signal shows sustain buying from traders.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Source: https://coingape.com/markets/ethereum-price-analysis-200-day-ema-halts-the-eth-recovery-at-3150-should-you-hold-or-sell-now/