The Ethereum Project token ETH registered a drop to $131, on the last day of the workweek, March 27 following the example of Bitcoin that suffered a major correction the same day. Buyers were still unable to initiate a move towards the important psychological level at $150 and bears were ready to exploit their weakness by making another attempt on the $120 line.
The weekend started with a relatively calm session on Saturday. The ETH token continued to hover around $131.
On Sunday, March 29, it made one step down and closed the week at $123 with 1.6 percent of price increase for the period.
What we saw on Monday, March 30, was a perfect rebound from the lower end of the short-term uptrend channel. The ETH/USD pair added 7.3 percent to its value and once again moved above the fast 20-day EMA.
In the early hours of trading on Tuesday, the leading altcoin is looking to extend its gains and climb up to $140. Only a break above $150, however, will allow us to finally speak about the return of bulls in the midterm. At this very moment, we are seeing some green on the chart, true, but on the other hand, we are still ranging in the $120 -$150 zone for 3 weeks already.
Trading volumes remain stable and continue to hover around $8-$10 billion since Saturday.
On the 1-h chart, we are already seeing a rising wedge formation with a combination of declining momentum.
The weekend started with a relatively calm session on Saturday. The ETH token continued to hover around $131.
On Sunday, March 29, it made one step down and closed the week at $123 with 1.6 percent of price increase for the period.
What we saw on Monday, March 30, was a perfect rebound from the lower end of the short-term uptrend channel. The ETH/USD pair added 7.3 percent to its value and once again moved above the fast 20-day EMA.
In the early hours of trading on Tuesday, the leading altcoin is looking to extend its gains and climb up to $140. Only a break above $150, however, will allow us to finally speak about the return of bulls in the midterm. At this very moment, we are seeing some green on the chart, true, but on the other hand, we are still ranging in the $120 -$150 zone for 3 weeks already.
Trading volumes remain stable and continue to hover around $8-$10 billion since Saturday.
On the 1-h chart, we are already seeing a rising wedge formation with a combination of declining momentum.
