On March 23, the cryptocurrency market continues to rise despite obstacles on several fronts. Currently, global conflicts, rising inflation and economic uncertainty are widely affecting financial markets and help highlight the need for portfolio diversification.
Altcoins have managed to strengthen in recent days, led by Ethereum (ETH), which managed to return to the massive $3,000 support and resistance area where the bulls are now vying for control.
ETH/USDT 1-day chart. Source: Trading View
Here’s a look at what many market analysts have to say about the future of Ethereum and whether more upside potential is expected in the short term.
Next test for $3,125
Cryptocurrency analyst Mikael van de Poppe provided an overview of the recent price movement, which published the following chart showing that “Ethereum is moving up after maintaining a critical level.”
Two-hour ETH/USD chart. Source: Twitter
Van de Poppe says:
“Looks like we’ll check $3,125 after that.”
But not all traders were as quick to look for a higher price target, including Twitter user “Chartpunk” who posted the following chart highlighting Ethereum’s ten-day trend and warning of a jump into an overheated market.
ETH/USD on the 4-hour chart. Source: Twitter
“Don’t be afraid to enter the market. If you want to keep up with the trend, try retesting the entry area on this chart.”
Based on the highlighted area on the chart, Charpunk is expecting a re-entry around $2975.
The mood is neutral at $3287.
A more thoughtful approach to the current price action was offered by cryptocurrency trader and Twitter user “Mad Max Crypto”, who posted the following chart, noting “neutral divergence until it hits $3,287.”
ETH/USDT 1-day chart. Source: Twitter
These predictions were largely supported by a cryptocurrency advisor and Twitter user under the pseudonym “Altcoin Sherpa”, who posted the following chart, which marks a series of higher lows and higher highs created by Ether.
ETH/USD 1-day chart. Source: Twitter
Altcoin Sherpa SA,
“I think it’s possible to talk about an uptrend in the market structure on the lower timeframe charts, but personally I’m looking forward to higher levels. Either way, the ETH2.0 core will be strong soon.”
Related: ETH Price Hits $3k as Major Cryptocurrency Adds $110M Ethereum to Lido Staking Pool
Possible withdrawal $2600
A recent analysis of low price levels to look out for was hit by a crypto trader and Twitter user alias “Foulis” who posted the following chart indicating a $2,600 withdrawal opportunity.