ETH/USD Fails to Mirror March Rebound

2023年5月17日

ETH/USD trades in a narrow range after bouncing back from a fresh monthly low ($1741), but lack of momentum to hold above the 50-Day SMA ($1828) may lead to a further decline in the price of Ethereum as it fails to mirror the price action from March.

ETH/USD Outlook

ETH/USD quickly recovered in March to track the positive slope in the moving average, but Ethereum seems to be showing a different reaction this time as it struggles to retrace the decline from the start of the month.

Failure to defend the monthly low ($1741) may push ETH/USD towards $1699 (38.2% Fibonacci retracement), with the next area of interest coming in around $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement).

At the same time, ETH/USD may stage a larger recovery if it manages to trade back above the moving average, with a break/close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) region raising the scope for a run at the monthly high ($2000).

Additional Resources

Gold Price Vulnerable After Failing to Defend Monthly Opening Range

--- Written by David Song, Strategist

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