Choppy market conditions dominated the crypto 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.
Data from Cointelegraph Markets Pro and TradingView shows that the gains made by Ether (ETH) on March 2 were negated in trading on March 3, as the price fell from the March 2 high of $3,044 to a low. $2,784 daily, reflecting an overall decline of 8.5%
This is what various analysts in the crypto market are saying about what could be in store for Ether in the coming weeks.
Ether is a “safe buy” above $3,200
Analysis of Ether’s weekly price action was provided by options trader and pseudonymous Twitter user John Wick, who public the chart below suggesting that there has been a confirmed reversal in the price of Ether.
The analyst said,
“Weekly Ethereum has the same great looking setup, with a combination of confirmed reversal and double bottom. I wouldn’t be surprised to see it eventually get us to just under $5,000 as a first target.”
A similar sentiment was expressed by cryptanalyst and pseudonymous Twitter user Crypto White Walker, who public the chart below and stated that they “would like to see a wick to $2,600 again before it starts to move higher.”
Crypto White Walker said,
“A close above $3,200 will make this chart look even better and in my opinion the safe buy zone is only once it breaks the lower highs on the daily time frame. Weekly RSI should be between 55.5 and 56.5 soon.”
Ether needs to stay above $2,830
The view of Ether price action on a lower time frame chart was offered by altcoin trader and pseudonymous Twitter user Troy who public the chart below, which highlighted the main areas of demand for Ether.
Altcoin Troy said,
“Currently testing the H1/order block demand zone around ~$2,800. Also converging with the 200 hourly EMA, which I would like to see hold as well. Key level to recapture is $2,830 for more upside” .
A fractal from 2016 points to an upcoming breakout
A more macro view of current price action relative to previous cycles was touched on by crypto analyst and pseudonymous Twitter user TechDev, who public the chart below comparing 2016 to current price action.
TechDev said,
“Main idea for Ethereum (and alts in general). Imagine how bearish everything looked in 2016, even printing a lower macro low…”
A similar observation was made by Ali_charts, who public the chart below and stated “check out how similar the consolidation phase Ether saw between March 2016 and January 2017 looks to the price action Ether is currently going through.”
Should the pattern projected by both TechDev and Ali_Charts play out, Ether price could reach as high as $28,000 during the next big bull run.
The global cryptocurrency market capitalization now stands at $1.864 trillion and the dominance rate for Bitcoin is 43.1%.
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