$ERN ERN has been in a sideways range $1.95ā$2.13 over the past few days. This suggests indecision, with neither bulls nor bears dominating.
A neutral-to-slightly bullish bias, contingent on holding support. Broader market sentiment (e.g., Bitcoinās performance) could influence ERN, given altcoin correlations.
Key Technical Levels
Support:
Identify a key support zone around $1.70. This level has held during consolidation phases, as noted on March 7, 2025, analyzing the 30-minute and daily charts.
A secondary support level may exist near $1.60, referenced in earlier consolidation patterns.
Resistance:
Immediate resistance is observed around $1.90ā$1.95, ERN has struggled to break through recently.
A psychological and technical resistance level at $2.00 could come into play if upward momentum increases, aligning with its early January price of $2.07.
Technical Indicators
Relative Strength Index (RSI):
Indicate RSI was nearing overbought levels (typically above 70) on shorter timeframes, suggesting potential caution for buyers. As of March 8, RSI was described as neutral, implying it may have cooled off to around 50ā60 by today, March 9.
Moving Average Convergence Divergence (MACD):
A bearish crossover (signal line crossing above the MACD line), hinting at short-term downside momentum. However, by March 7, a bullish crossover was reported, indicating upward momentum.
Assuming consolidation persists, the MACD may show weakening bullish momentum or a return to neutral, with the lines converging near zero.
Moving Averages:
Short-term (50-day SMA): Likely around $1.80ā$1.85, based on consolidation trends, providing dynamic support.
Long-term (200-day SMA): Estimated at $2.42 by March 31, 2025 , suggesting itās currently above the price (possibly around $2.20ā$2.30), acting as resistance.
If ERN holds above $1.85 and breaks $1.95 with strong volume, it could target $2.00ā$2.07 (recent highs). RSI staying below overbought and a sustained bullish MACD would support this move.
Not Financial Advice, DYOR!!
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