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by Darius Anucauskas

Ethereum Struggles to Close Above an Important Resistance

There are many talks that there could be a resurgence in the demand for cryptos, but until that happens, the majority of them most likely will continue drifting sideways. Hence why it would be best, for now, to analyse them from the short-term perspective. Looking at the 4-hour chart of Ethereum specifically, the crypto continues to slowly drift higher, trading a above its medium-term upside support line taken from the low of December 14th. At the same time, the price continues to balance above its short-term upside support line drawn from the low of February 15th. The only issue here is that since February 24th, Ethereum has been struggling to close above the 139.00 level, which is now seen as a strong resistance area. For now, we remain cautiously-bullish, but will wait until we see a break above that level, in order to get more comfortable with the upside.

As mentioned above, a push through the 139.00 barrier could attract more buyers into the game, as the move might increase the chances for the crypto to travel further north. The next potential strong resistance zone could be seen near the 148.00 mark, which held the price down between February 18th and 22nd. If that zone fails to withhold the bulls this time, Ethereum could then make its way towards its next likely target, at 152.60, marked by the high of January 8th.

Alternatively, if the price slides towards the aforementioned short-term upside support line and this time breaks it, this could spook the buyers, especially if the crypto also falls below the 128.70 hurdle, which is the low of March 12th. This is when we may get comfortable with the downside scenario, at least in the short run. Ethereum could then make its way towards the 125.00 obstacle, or even to the 122.20 support area, marked by the low of March 4th. If the bulls are nowhere in sight, the bears might continue dictating the rules and the crypto could continue its journey south, potentially aiming for the previously-mentioned medium-term upside support line.

Ethereum 4hour


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