Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
ETH bulls are struggling to hold $2,800, but analysts hint that multiple timeframes point to an eventual breakout to the $3,000 range.
Choppy market conditions dominated the cryptocurrency landscape on March 3 as the global economy continues to face challenges on multiple fronts and uncertainty about the future weighs heavily on asset prices.Â
Data from Cointelegraph Markets Pro and TradingView shows that the gains made by Ether (ETH) on March 2 were nullified in trading on March 3 as the price drifted from March 2âs high of $3,044 to a daily low of $2,784, reflecting an overall decline of 8.5%.
ETH/USDT 1-day chart. Source: TradingView
Hereâs what several analysts in the crypto market are saying about what could be in store for Ether in the next few weeks.
Ether is a âsafe buyâ above $3,200
Analysis of the weekly price action for Ether was provided by options trader and pseudonymous Twitter user John Wick, who posted the following chart that suggests that there has been a confirmed reversal in Ether price.
ETH/USD 1-week chart. Source: Twitter
The analyst said,
âThe weekly Ethereum has the same great looking setup, with a combination confirmed reversal & double bottom. Wouldnât be surprised to see it eventually take us to just below $5,000 as first target.â
A similar sentiment was expressed by crypto analyst and pseudonymous Twitter user Crypto White Walker, who posted the following chart and stated that they âwould like to see a wick till $2,600s again before it starts its ascend.â
ETH/USDT 1-week chart. Source: Twitter
Crypto White Walker said,
âA close above $3,200 will make this chart look even better and in my opinion, safe buying zone is then only, once it breaks the lower highs on the daily time frame. Weekly RSI should be 55.5-56.5 soon.â
Ether needs to hold above $2,830
Insight into the Ether price action on a lower time frame chart was offered by crypto trader and pseudonymous Twitter user Altcoin Troy, who posted the following chart, which highlighted the major areas of demand for Ether.
ETH/USDT 1-hour chart. Source: Twitter
Altcoin Troy said,
âCurrently testing H1 demand zone/orderblock around ~$2,800. Also in confluence with the 200-hourly EMA, which I would like to see hold as well. Key level to reclaim is $2,830 for more upside.â
Related: Bitcoin heads for $42K support as stocks pullback nudges BTC price lower
A 2016 fractal points to an upcoming breakout
A more macro view of the current price action as it relates to previous cycles was touched upon by crypto analyst and pseudonymous Twitter user TechDev, who posted the following chart comparing 2016 to the current price action.
BTC/USD 1-week chart. Source: Twitter
TechDev said,
âPrimary idea for Ethereum (and alts in general). Imagine how bearish things looked in 2016, even printing a macro lower lowâŠâ
A similar observation was made by Ali_charts, who posted the following chart and stated âcheck out how similar the consolidation phase that Ether saw between March 2016 and January 2017 looks to the price action that Ether is currently going through.â
ETH/USD 1-week chart. Source: Twitter
Should the pattern projected by both TechDev and Ali_Charts play out, the price of Ether could reach as high as $28,000 during the next major bull wave.
The overall cryptocurrency market cap now stands at $1.864 trillion and Bitcoinâs dominance rate is 43.1%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.