Ethereum Price Movement Analysis for 25th March, 2021

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When Bitcoin options expire on Friday, March 26th, the point of maximum pain will be $44,000. This does not necessitate a move; but, after expiration, the ability to gravitate lower is removed.

Bitcoin was trading at $50,600 at the time of writing and was still falling. Furthermore, Ethereum, the world’s largest altcoin, was under strong bearish attack, with the price falling to $1,562 at the time of publication.

 

Ethereum 1-hour chart

The charts (cyan) indicate a spread from $1,730-$1,850, with some divergence above that that was still unable to ascend to challenge the $1,950-$2,050 region of availability, indicating that sellers were able to claim their position even in the $1,900 region two weeks ago. In reality, they’ve just gotten stronger since then.

ETH has lost its short-term range over the last few days, with the alt seeking some relief at $1,550 in the last few hours.

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Furthermore, the altcoin’s technological indicators predicted an additional decline in the short term.

 

Reasoning

The RSI had risen above neutral 50 the day before, but this was just a short-term boost, and the RSI has since fallen rapidly alongside the price.

The OBV has also seen a lot of trading value in the last few hours. The 23.6 percent retracement level at $1,580, as well as the other level of horizontal support at $1,550, would be essential in the coming hours for the market.

Bitcoin has fallen below the $51,000 mark, and more declines are possible across the industry, including Ether. The next level of support is at $1,450, and it is best to stop buying until the market calms down.

 

Conclusion

There are $1.15 billion in ETH options expiring on the 26th, and this has already resulted in a major ETH correction, suggesting that there is still some gas in the tank. A move below $1,550 is possible, and when it does, the next trading chance will be in the $1,450-$1,420 range.

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