Ethereum Price Analysis: ETH bulls eye $1,950 inside a bearish chart pattern

  • ETH/USD picks up bids after bouncing off $1,837.
  • Sustained trading beyond 200-SMA favors bulls inside short-term rising wedge formation.
  • Two-week-old ascending trend line guards immediate upside, early March top adds to the downside filters.

While extending recovery moves from $1,837, ETH/USD rises to $1,885 during early Monday’s trading. In doing so, the altcoin trades inside a two-week-old rising wedge bearish formation but recently trying to revisit the said bearish pattern’s upper line.

Given the quote’s successful break of 200-SMA and bullish MACD, backed by volume, ETH/USD buyers can eye for $1,945 comprising the stated resistance line.

However, the cryptocurrency pair’s run-up beyond $1,945 will reject the bearish chart formation and can easily conquer the record high marked in February around $2,040. During the rise, the $2,000 threshold may offer an intermediate halt.

Meanwhile, a downside break of $1,837 will eye for the stated pattern’s support line, at $1,790 now, a break of which will direct ETH/USD sellers to a 200-SMA level of $1,718.

In a case where the bears keep reins below $1,718, the $1,700 threshold and March 03 top surrounding $1,660 will be the key to watch.

Overall, ETH/USD bulls seem tiring near the record top but bears are waiting for confirmation.

ETH/USD four-hour chart

Trend: Pullback expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 1882
Today Daily Change -39.61
Today Daily Change % -2.06%
Today daily open 1921.61
TRENDS
Daily SMA20 1644.31
Daily SMA50 1634.08
Daily SMA100 1245.05
Daily SMA200 830.28
LEVELS
Previous Daily High 1944
Previous Daily Low 1728.3
Previous Weekly High 1879
Previous Weekly Low 1631.07
Previous Monthly High 2041.42
Previous Monthly Low 1271.31
Daily Fibonacci 38.2% 1861.6
Daily Fibonacci 61.8% 1810.7
Daily Pivot Point S1 1785.27
Daily Pivot Point S2 1648.94
Daily Pivot Point S3 1569.57
Daily Pivot Point R1 2000.97
Daily Pivot Point R2 2080.34
Daily Pivot Point R3 2216.67

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