ETH Testing Strong Levels, Heading Higher?

22 mar 2022

Crypto markets were on the back foot last week, feeling the pressure as governments were looking at the asset as a way around sanctions. Compounding the affect was the U.S. government ordering an executive order looking into crypto assets. Most feared this would result in direct oversight and regulation, which is indeed part of the order, but also looked into the scenario of a digital USD, slightly softening market fears.

We saw this pattern of risk-off and recovery practically across the board, but ETH seems to have the strongest proven levels with the Fib retracement: having broken through the 0.236 level ($2816) moving towards the 0.382 level at $3193.21 which it may test, return to 50% of 3524, and then push upwards again. If ETH manages to break through the 0.382 level after testing it, we may see a run towards testing 0.5 at $3513.72, if that level is broken as well, we may see ETH head towards $3800 with little resistance.

Remember to take advantage of easyMarkets free limit orders on TradingView as the markets are currently characterized by uncertainty and prone to react to news regarding the Russian invasion of Ukraine or unforeseen changes in marcoeconomics.

SUPPORT 1: $2790.65
SUPPORT 2: $2155.62

RESISTANCE 1: $3193.21
RESISTANCE 2: $2513.72

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