The price of Ethereum (ETH), on March 16, rose above its moving averages, with the coin reaching a high of $2,986. However, the uptrend was short-lived as it was rejected at the $3,000 resistance area.
Ethereum declined and found support above the moving averages, and is expected to turn higher and retest the $3,000 resistance level.
A break above the recent rally will push the coin to a high of $3,200, however, if the bears break below the moving averages, the downtrend will resume. Meanwhile, buyers are ready to push it back to previous highs.
Ethereum Index Analysis
Ethereum is at level 56 of the 14-period RSI.
The coin is trending up and is capable of further upside as it is above the 25% range of daily stochastic.
The 21-day moving average line and the 50-day moving average line are both moving up, indicating that the market is in bullish momentum
Key Resistance Levels: $4,500 and $5,000
Key Support Levels: $3,500 and $3,000
What is the next trend for Ethereum?
On the 4-hour chart, Ethereum has resumed its uptrend as Ether price broke above the moving average and reached the $3000 resistance level.
On the other hand, the downtrend resumed after being rejected twice at its highest level.
Meanwhile, the uptrend on March 17 is testing the 78.6 Fibonacci retracement level.
The retracement indicates that Ethereum will rally to the Fibonacci extension level at 1,272 or $2,929.22 as the market reached the Fibonacci extension level at 1,272 and is moving lower.