Ethereum Price Movement Analysis for 5th March, 2021

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There were some hints from the decline in Open Interest that Ethereum could see a short-term correction under the $1600 mark. Subsequently, ETH fell below the $1580 level and retested it as a resistance, before slipping even lower. Altcoin’s market momentum remained to be in bare hands, at press time, with $1,450 coming up as a critical amount of support for bulls to defend.

 

Ethereum 1-hour chart

Over the past few days, ETH has seen a height of $1,600 after a decline as far south as $1,335, yet another fall down to $1,580 was underway at press time. The $1,580 and $1,420 amounts mark 23.6 percent and 38.2 percent of Ether’s retracement from $905 to $1877.

The price of the altcoin was trading on a descending channel trend. At the time of writing, it was trading above the middle point of the channel, and the $1,500-area could be used to open short positions with close stop-losses.

 

Reasoning

The upper boundary of the channel is likely to be checked if ETH closes a trading session above the mid-point of the channel, and the $1,500 psychological level could provide some confluence within the next few hours for this step.
However, the technical measures have stayed bearish. The Directional Movement Index has seen a rising ADX (yellow) and a-DI (pink) above 20 in order to signify a clear bearish pattern recently. The MACD was below zero and the RSI was at 42 to prove that the bears were still in play.

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Finally, the fractals pointed out that during the last two weeks, $1,450 has been checked several times as support and resistance, giving it a high degree of concern in the short term.

 

Conclusion

Though Ethereum was bearish in the short term, the $1420-$1450 range has worked well as support in the past. A drop below the same, and a subsequent re-test of this location, would confirm further losses of $1320. A breakout over the declining channel will be a clear short-term bullish growth, but trading volume must still be corroborated to validate a shift towards $1580-$1600 for ETH.

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