Source: Yahoo Finance
The bulls of Ethereum gained a slight amount of strength to rise above $1,590 but could not sustain the momentum. The price has since dipped to $1,549.59 at the time of writing. The Relative Strength Index (RSI) has taken a dip from an overbought condition of 85 to its present reading of 49.
However, a bullish trend is indicated on the Moving Average Convergence Divergence (MACD). The price is also currently still trading above its 50-day Simple Moving Average (SMA), which is indicated by the purple line.
Analyst Anil Panchal from FX Street reported the formation of a ‘bullish marubozu’ candlestick on the daily chart. According to Panchal, key resistance levels are at $1,640-45 and $1,690, which is the 23.6% Fibonacci retracement of late-2020 to Feb 20. Meanwhile, on the downside, the bears have to overcome support levels at $1,298 (a 50% Fibonacci retracement level), $1,125, and $1,000.
In the broader cryptocurrency market, the flagship currency, Bitcoin received a boost following a statement from Citi that ‘Bitcoin was at a tipping point.’ At the time of writing, data from Coin Market Cap shows that BTC/USD has increased 7.06% over the past 24 hours. Similarly, ETH/USD has increased by 8.7%. As of late, Ethereum has still been trailing the price moves of Bitcoin, and the correlation is depicted in the chart below (Bitcoin’s price movement is depicted in orange):
BTC/USD and ETH/USD price movements in the last five days
Source: Yahoo Finance
While Ethereum has been taking cues from Bitcoin so far, a key question is: can Ethereum, the flagship Altcoin now begin to pave its own way in the days ahead?
ETH/USD (as of Mar 2, 2021, 9.40 a.m., GMT +8) - $1,549.59
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