Bulls in ETH are trying to retain $2,800, but analysts believe that numerous time frames indicate a breakout to the $3,000 range in the near future.
On March 3, choppy market conditions dominated the cryptocurrency scene as the global economy continues to face challenges on several fronts and asset prices are weighed down by anxiety about the future.
The gains gained by Ether (ETH) on March 2 were neutralized in trading on March 3 as the price meandered from March 2’s high of $3,044 to a daily low of $2,784, marking an overall decrease of 8.5 percent.
Here’s what a few crypto market analysts have to say about what the future holds for Ether in the coming weeks.
Above $3,200, ether is a “safe purchase.”
Options trader and pseudonymous Twitter user John Wick gave analysis of the weekly price action for Ether, posting the chart below, which implies that the price of Ether has confirmed a turnaround.
“According to the analyst,”
“The weekly Ethereum chart has the same fantastic setup, with a verified reversal and a double bottom. I wouldn’t be surprised if it took us to slightly under $5,000 as a first target.”
Crypto analyst and pseudonymous Twitter user Crypto White Walker echoed a similar sentiment, posting the following chart and stating that they “would want to see a wick till $2,600s again before it continues its rise.”
According to Crypto White Walker,
“A closing over $3,200 will improve the appearance of this chart, and in my opinion, the safe buying zone will only be reached if it smashes the lower highs on the daily time frame.” Soon, the weekly RSI should be between 55.5 and 56.5.”
Ether must stay over $2,830.
Crypto trader and pseudonymous Twitter user Altcoin Troy provided insight into the Ether price behavior on a smaller time frame chart, posting the graphic below, which showed the primary areas of Ether demand.
Troy, the founder of Altcoin, stated,
“Around $2,800, I’m currently testing the H1 demand zone/orderblock. This is also in line with the 200-hourly EMA, which I’d like to see hold. $2,830 is a key mark to recapture for more upside.”
A fractal from 2016 predicts a breakout in the near future.
Crypto expert and pseudonymous Twitter user TechDev took a more macro look of the recent price behavior in relation to previous cycles, posting the chart below comparing 2016 to the current price motion.
According to TechDev,
“Ethereum’s primary concept” (and alts in general). Consider how bearish things appeared in 2016, even as a big lower bottom was printed…”
Ali charts made a similar discovery, saying, “Check out how similar the consolidation phase that Ether had between March 2016 and January 2017 appears to the price action that Ether is currently experiencing.”
The price of Ether might hit $28,000 during the next major bull wave if the pattern predicted by both TechDev and Ali Charts plays out. The total cryptocurrency market capitalization is currently $1.864 trillion, with Bitcoin commanding 43.1 percent of the market.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.