ETHEREUM- March, 2022 closing report
#CoinDCXpathbreaker
ETH 1W chart closure
ETH/USDT on the 1W chart is looking to close the candle bearish. The entire gain of the week seems to be wiped out with today’s volatility and if this happens, we will see some blood on ETH in the coming days.
ETH 1D chart closure
The 1D chart on ETH/USDT is also showing some weakness with the 200 MA now acting as resistance. ETH (at the time of writing this report) is currently following BTC in terms of price action and if we see major pullbacks on BTC, there is no reason for ETH to be immune to those pullbacks.
ETH 1H chart closure
Finally on the 1H chart we can plot Fibs ratios and check for our levels of interest. Previously we needed ETH to break above $3510, but price got rejected a little before that and we saw downside pressure build-up.
Currently the 200 MA is confluent with the 0.5 Fib ratio and will provide support in case we retrace till there.
Overall the market on Monthly closure currently is following Bitcoin like always and there is only so much we can gauge. ETH is not immune to BTC moves and we should be watching at BTC more closely at the moment.
#CoinDCXpathbreaker
