Ethereum Remains Stuck in A Tight Range Between MAs - Forex News by FX Leaders
Let's hope Ethereum will break the range to the upside

Ethereum Remains Stuck in A Tight Range Between MAs

Posted Thursday, March 4, 2021 by
Skerdian Meta • 1 min read

Ethereum turned massively bullish in February, following an uptrend in the previous months, as cryptocurrencies kept pushing higher. The newly acquired status of safe havens has made them quite attractive at a time of high uncertainty and excessive cash programmes from central banks and governments all over the world.

Ethereum surged to $ 2,040 last month, but in the last week we saw a brutal retreat in the crypto market. Ethereum retreated lower as well and the 20 SMA (gray) turned into resistance on the H4 chart, as the price fell to $ 1,300.

But, the decline stopped and ETHEREUM turned bullish again this week. Although, gains have been slow which shows reluctance to jump in right now. Besides that, the 200 SMA (purple) is providing resistance at the top which is not a good sign either for buyers.

But the 20 SMA is acting as support now, so the sentiment for cryptos is a bit mixed now. We are still long on Ethereum, expecting the bullish momentum to resume again at some point, as we explain in our Ethereum prediction for 2021.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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