Bitcoin and Ether Market Update March 4, 2021

ETH/USD

The Ethereum Project token ETH hit a weekly low at $1,285 on February 28 and was already trading 37 percent lower compared to its $2,045 peak registered on February 20. It managed to recover to $1,422 by the end of the session, which corresponded to an 8.3 percent increase for the second month of the year.

On Monday, the ether followed the example of Bitcoin and rapidly started moving upwards. It closed the day at $1,573 adding 10.6 percent.

The coin erased half of if its gains the very next day by correcting its price down to $1,486, right below the 26-day EMA. The $1,590 – $1,610 area was the next major obstacle in front of bulls. It first acted as resistance back in early February, then again was a trouble area for sellers during ETH’s freefall last week.

On Wednesday, March 3 made a sharp turn North reaching the 200-day EMA on the 4-hour chart at $1,660, also above the already-mentioned resistance area. However, the momentum was not strong enough and bulls easily gave back their gains ending the trading day at $1,570.

The ETH/USD pair is trading at $1,560 in the early hours of trading on Thursday after it was once again rejected around $1,620.

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