Ethereum analysis for March 31, 2021
Following the graph, we see that after the break above the upper resistance line on the four-hour time frame. We encountered the following resistance at $ 1852 at 78.6% Fibonacci level. The Ethereum price has dropped to the current $ 1800. We are now testing a 61.8% Fibonacci level. As additional support, we have moving averages MA20 and EMA20, and below them await us MA200 and EMA200 along with 38.2% Fibonacci level at $ 1680. If the MA20i EMA20 support lasts, we go up again to $ 1852, looking after the $ 1945 previous high.
The moving average convergence indicator (MACD) on the four-hour chart seems to be turning bearish. This indicator identifies positions for buying dips and selling uppers. For now, the MACD line (blue) has crossed below the signal line, amplifying the bearish outlook.
On the daily time frame, we see resistance in the upper line at $ 1867, but still with the support of moving averages. We are still in the bullish trend, and we can see all this as part of a big consolidation before the next bullish momentum.
One of Ethereum’s leading software developers, consensus, plans to take over the irreplaceable token (NFT) ecosystem in a flash while launching a new Palm platform. The token-powered platform will feature low fuel costs and support fast transaction finality.
Joseph Lubin, the co-founder of Ethereum, is among the brains of a project that aims to revolutionize the NFT ecosystem. The Palm boasts 99% higher energy efficiency compared to the performance check system. Other collaborators in the Palm project are David Heiman, Heidi Films, and Joe Hage, founder of the leading art house HENI Group.
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