RLinda ! ETHUSD-> Rally, resistance breakthrough, consolidation
ETH began its rise on March 10 (after a false breakdown of the 200-day SMA). Cryptocurrency market rises on collapse of USA banking system - "banks collapse and that's what BTC was invented for" - Cryptocommunity.
Ethereum rose to $1,693 on March 13 after U.S. regulators backed faltering confidence in the banking sector with the closure of $209 billion Silicon Valley Bank (SVB) and $110 billion Signature Bank
On March 12, the U.S. Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation assured SVB and Signature Bank depositors that they would get their money back. The regulators also noted that the U.S. government's bank deposit insurance fund would cover all deposits instead of the standard $250,000.
The intervention stopped depositors' panic and helped markets recover that suffered last week amid fears of a broader banking contagion, including cryptocurrencies. Ether, the second-largest cryptocurrency by market capitalization, also recovered and cut its March losses.
From the technical analysis point of view, we see strong buying after a false breakdown of the 200-day moving average, acting as a strong support. A pin bar which was formed sends the coin up to 1693 and it makes a total gain of almost 23.5%.
On the weekly chart, we see a fairly strong consolidation forming, but if you look closely, there is no decline. The price holds the range area, hence I conclude that the coin is accumulating liquidity to break through the tight resistance area.
At the moment, we see the price exiting the downward channel after another retest of the resistance area. A bullish price retention above the descending line will determine a bullish potential for ETH, and a medium-term veil of 2000.
I expect that in the near or medium term, the bulls will be able to retain the descending line and support area of 1650 to further strengthen the coin. The medium-term and long-term potential is 2020, 2200, 2400, 2600 and 3000.
Regards R. Linda!
Ethereum rose to $1,693 on March 13 after U.S. regulators backed faltering confidence in the banking sector with the closure of $209 billion Silicon Valley Bank (SVB) and $110 billion Signature Bank
On March 12, the U.S. Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation assured SVB and Signature Bank depositors that they would get their money back. The regulators also noted that the U.S. government's bank deposit insurance fund would cover all deposits instead of the standard $250,000.
The intervention stopped depositors' panic and helped markets recover that suffered last week amid fears of a broader banking contagion, including cryptocurrencies. Ether, the second-largest cryptocurrency by market capitalization, also recovered and cut its March losses.
From the technical analysis point of view, we see strong buying after a false breakdown of the 200-day moving average, acting as a strong support. A pin bar which was formed sends the coin up to 1693 and it makes a total gain of almost 23.5%.
On the weekly chart, we see a fairly strong consolidation forming, but if you look closely, there is no decline. The price holds the range area, hence I conclude that the coin is accumulating liquidity to break through the tight resistance area.
At the moment, we see the price exiting the downward channel after another retest of the resistance area. A bullish price retention above the descending line will determine a bullish potential for ETH, and a medium-term veil of 2000.
I expect that in the near or medium term, the bulls will be able to retain the descending line and support area of 1650 to further strengthen the coin. The medium-term and long-term potential is 2020, 2200, 2400, 2600 and 3000.
Regards R. Linda!
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