The month of March does not start in the best way for the second cryptocurrency by market capitalization, which now faces the important test of support at 130 dollars.
Yesterday’s session closed with a decline of 1.75%, with the trading opened at 135.59 and closed at 133.23 dollars (Bitfinex data).
Like all the rest of the Crypto sector, the rebates on Ethereum (ETH) are also extending into today’s session and at the time of writing the negative balance is over 2%.
The technical picture is still positive, with the market that on February 24th has updated the annual highs to $ 170 by completing a model with a double minimum decreasing on a daily chart; after taking profits in the $ 170 area, the market is now called for a reaction on support at $ 130 to continue the positive trend.
On the other hand, a fall below 130 dollars would increase the pressure of sellers and at that point the pivot point at $ 115 would represent the last lifeline to avoid a change of trend.
Resistance levels are positioned at 160, 180, 200 and 250 dollars, while we find supports at 130, 115, 100, 85, 72 and 45 dollars.
For those wishing to buy Ethereum
Purchase signal taken with the recovery at the close of 130 dollars (17 February), stop loss at 115 and first target at 160 dollars (already reached) and in extension 180 and 200 dollars.
For those who currently hold Ethereum
Keep the position.
For those wishing to sell Ethereum
Waiting for a return under $ 115 area, stop loss to $ 140 and first target at $ 100 and extension $ 85.