04.03.202115:28 Forex Analysis & Reviews: Forecast for ETH/USD on March 04, 2021

Technical market outlook :

• ETH/USD - Ethereum

Ethereum remained stable above USD 1,486, it might recover towards the USD 1,687 resistance.

Ethereum price gained bullish momentum above the USD 1,486 support. ETH even broke the USD 1,571 minor resistance, but it remained stable above the USD 1,486 level. It is currently recovering and it might revisit the USD 1.1550 pivot zone.

Ethereum price : After finding bids reach to $1,486 bitcoin price recovered above $1,486 and $1,500 . Initial Ethereum resistance lies near the $1,582 level (50% of Fibonacci retracement levels).

A decent breakout and follow-up move above $1,582 could open the gate for a push towards the $1,679 level.

The main support remains near the area of $1,486 - $1,500. Also it should be noted that Ethereum and cryptocurrencies unite as the bears lose their momentum.

The market is indicating a bullish opportunity above the above-mentioned support levels ($1,486 & $1,500), for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

A close above USD 1,571 might open the doors for a move towards the USD 1,679 level. If there is a fresh rise, the USD 1,679 might once again provide resistance. The next key resistance is near the USD 1,722 level.

Trading ETH/USD :

Uptrend scenario :

• An uptrend will start as soon, as the market rises above support level $1,486, which will be followed by moving up to resistance level $1,582. Further close above the high end may cause a rally towards $1,679 and USD 1,722. Nonetheless, the weekly resistance level and zone should be considered.

Downtrend scenario :

• On the downside, the $ 1,400 level represents support. The next major support is located near the $ 1,400, which the price may drift below towards the $ 1,334 support region.