Thursday, March 28, 2024

Ethereum price consolidates near $2.8K as analysts say bulls prepare for a push higher

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Uneven market situations dominated the cryptocurrency panorama on March 3 as the worldwide financial system continues to face challenges on a number of fronts and uncertainty concerning the future weighs closely on asset costs. 

Information from Cointelegraph Markets Pro and TradingView reveals that the good points made by Ether (ETH) on March 2 had been nullified in buying and selling on March 3 as the worth drifted from March 2’s excessive of $3,044 to a day by day low of $2,784, reflecting an general decline of 8.5%.

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ETH/USDT 1-day chart. Supply: TradingView

Right here’s what a number of analysts within the crypto market are saying about what could possibly be in retailer for Ether within the subsequent few weeks.

Ether is a “protected purchase” above $3,200

Evaluation of the weekly worth motion for Ether was supplied by choices dealer and pseudonymous Twitter consumer John Wick, who posted the next chart that means that there was a confirmed reversal in Ether worth.

ETH/USD 1-week chart. Supply: Twitter

The analyst stated,

“The weekly Ethereum has the identical nice wanting setup, with a mix confirmed reversal & double backside. Wouldn’t be stunned to see it will definitely take us to only beneath $5,000 as first goal.”

The same sentiment was expressed by crypto analyst and pseudonymous Twitter consumer Crypto White Walker, who posted the next chart and acknowledged that they “wish to see a wick until $2,600s once more earlier than it begins its ascend.”

ETH/USDT 1-week chart. Supply: Twitter

Crypto White Walker stated,

“A detailed above $3,200 will make this chart look even higher and for my part, protected shopping for zone is then solely, as soon as it breaks the decrease highs on the day by day timeframe. Weekly RSI ought to be 55.5-56.5 quickly.”

Ether wants to carry above $2,830

Perception into the Ether worth motion on a decrease timeframe chart was supplied by crypto dealer and pseudonymous Twitter consumer Altcoin Troy, who posted the next chart, which highlighted the most important areas of demand for Ether.

ETH/USDT 1-hour chart. Supply: Twitter

Altcoin Troy stated,

“At present testing H1 demand zone/orderblock round ~$2,800. Additionally in confluence with the 200-hourly EMA, which I wish to see maintain as effectively. Key degree to reclaim is $2,830 for extra upside.”

Associated: Bitcoin heads for $42K support as stocks pullback nudges BTC price lower

A 2016 fractal factors to an upcoming breakout

A extra macro view of the present worth motion because it pertains to earlier cycles was touched upon by crypto analyst and pseudonymous Twitter consumer TechDev, who posted the next chart evaluating 2016 to the present worth motion.

BTC/USD 1-week chart. Supply: Twitter

TechDev stated,

“Major concept for Ethereum (and alts usually). Think about how bearish issues regarded in 2016, even printing a macro decrease low…”

The same remark was made by Ali_charts, who posted the next chart and acknowledged “take a look at how related the consolidation part that Ether noticed between March 2016 and January 2017 seems to the worth motion that Ether is at the moment going by.”

ETH/USD 1-week chart. Supply: Twitter

Ought to the sample projected by each TechDev and Ali_Charts play out, the worth of Ether may attain as excessive as $28,000 throughout the subsequent main bull wave.

The general cryptocurrency market cap now stands at $1.864 trillion and Bitcoin’s dominance charge is 43.1%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it is best to conduct your personal analysis when making a call.