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 up on their gains ending the trading day at $1,570.
The ETH/USD pair was rejected for a second consecutive day near the mentioned resistance zone on Thursday. The area was now the crossing point of the 20-day EMA and the horizontal and diagonal lines.
On Friday, the coin decreased further to $1,526 but not before hit a daily low of $1,441.
The first day of the weekend came with a big green candle on the daily chart. The ether moved up to $1,647 breaking above the $1,620 zone to close the day with an 8 percent increase.
Then on Sunday, it continued to move upwards by reaching $1,735 during intraday. The coin closed the week at $1,728 and is trading around $1,722 by the time of writing this market update on Thursday.
Top 10 Movers
- Uniswap (UNI)
The leading decentralized finance platform that runs on the Ethereum blockchain stormed into the Top 10 list last week after gaining 55 percent for the period. The surge in price was a direct result of the news that the Ethereum Improvement Proposal (EIP) 1559 finally received a green light for implementation and will go live in July. It is expected to significantly improve the user experience in an attempt to put control over the increasing transaction gas fees.
The UNI/USDT pair broke out of the consolidation pattern on the lower timeframes and peaked at $34.9, surpassing its previous all-time high of $32.97 on Sunday evening. The coin is now ranked at #8 with a market cap of $17.3 billion.
What is next for UNI is to stabilize above the short-term EMA’s and consolidate in order to open the door for $50, which according to some altcoin traders is the next big target in front of bulls.
The next support zone will be looking at downwards is the significant weekly/daily S/R around $28.7-$29.2.
Altcoin of the Week
Out Altcoin of the week is Chiliz (CHZ). The sports & entertainment-focused blockchain platform benefited from the non-fungible token (NFT) craze and rallied to an all-time high of $0.155 on Thursday, March 4.
The CHZ token added 156 percent to its value on a weekly basis and reached a total market capitalization of approximately $834 million also entering CoinGecko’s Top 100 list at #90. It registered a stunning 533 percent of increase for the last 30 days.
Since NFT is on the rise, it is possible that the upward trend is extended in the coming days/weeks.
As of the time of writing this, the CHZ/USDT pair is trading at $0.161 on Binance:
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