Ethereum Price Prediction for March: Is the Rally Just Beginning?
Ethereum Price Prediction: ETH price rallied above the $1,700 resistance zone. The price might correct lower and test the $1,650 support level before rising again.
- ETHstarted a significant increase above the $1,650 resistance zone.
- The price is standingabove $1,650 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,690 on the hourly chart of ETH/USD.
- The pair could correct lower, but dips might be limited below the $1,650 support.
Ethereum Price Eyes More Gains
Ethereum price started a major increase above the $1,600 resistance zone. ETH even cleared the key $1,700 resistance zone to move further into a positive zone, similar to bitcoin.
Finally, the price spiked above the $1,740 resistance and traded close to $1,800. A high was formed near $1,784 before there was a downside correction. There was a sharp decline below the $1,700 level. The price tested the $1,665 support zone and traded as low as $1,666.
Ether price is now trading above $1,650 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,690 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $1,725 zone. It is near the 50% Fib retracement level of the recent decline from the $1,784 swing high to $1,666 low. The first major resistance is near the $1,740 and $1,750 levels.
The 76.4% Fib retracement level of the recent decline from the $1,784 swing high to $1,666 low is also near $1,750. The next major resistance is near the $1,800 level. A close above the $1,800 resistance zone might start another major increase.
In this case, the price may perhaps rise towards the $1,880 resistance level. Any more gains might send the price towards $2,000.
Ethereum Price Prediction: Dips Supported in Ethereum?
If ETH fails to clear the $1,740 resistance, it could start another decline. An initial support on the downside is near the $1,690 level and the trend line.
The next major support is around $1,650. If it falls below $1,650, the price could fall towards $1,600. Any more losses could call for a test of the $1,550 level.
Technical Indicators
Major Support Level – $1,650
Major Resistance Level – $1,740
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Please be aware that all investments involve risk, including the potential loss of part or all of your invested capital. Past performance is not indicative of future results. You should ensure that you fully understand the risks involved and consider seeking independent professional advice suited to your individual circumstances before making any decision.
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