Ethereum is at the support level at the price 1500, forming higher highs and higher lows on the higher timeframes. This support level seems to be a strong foothold for the market to break pass it. We anticipate the market to bounce up from here after the fakeout. The trend on the higher time frame is still bullish.

The descending trendline has induced the breakout buy for the cryptocurrency and it has the potential to continue moving up.

The retracement level of 62% is in confluence with the support level.

EMA 50 is above the market price and the market has the potential to tap the resistance level from the current market price.

RSI is at 34. This needs dive down towards the over sold region, from where, it will have to form a bullish divergence for the continuation upwards.

ETH buys from 1500

Mar 05 2023