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30.03.202314:21 Forex Analysis & Reviews: Ethereum analysis for March 30th, 2023.

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Yellow rectangle- consolidation range

Ethereum is trading around $1,800. Over the last couple of weeks price has mode no real progress as it mostly moves sideways. Price has formed a trading range between $1,860 and $1,685. Price is trading inside this range since March 17th. Ethereum price is consolidating. There is no clear trend. The choppy action by price suggests that we are in a consolidation phase and traders should be patient for a break out to occur before stepping in and opening new positions. The RSI has moved lower from overbought levels and is now in a neutral space. Support is found at $1,685 and resistance at $1,860. A rejection at $1.800-$1,860 could imply that a pull back towards $1,700 is coming.

Alexandros Yfantis
Analytical expert of InstaForex
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