Volatile market conditions dominated the cryptocurrency market on March 3rd as the global economy continues to struggle on several fronts and uncertainty about the future weighs on asset prices.
Data from Cointelegraph Markets Pro and TradingView shows that Ether (ETH) earnings were canceled on March 2 in trading on March 3 as the price drifted from the March 2 high of $3,044 to the daily low of $2,784. , reflecting an overall decrease of 8.5. %.
ETH/USDT 1-day chart. Source: Trading View
Here’s what many crypto market analysts have to say about what Ethereum can expect over the next few weeks.
Ether is a “safe buy” over $3,200.
An analysis of Ether’s weekly price action was provided by options trader and Twitter user John Wick, who posted the following chart, indicating a confirmed reversal in Ether’s price.
ETH/USD weekly chart. Source: Twitter
said the analyst
“Ethereum Weekly has the same great layout with a combination of a confirmed reversal and double bottom. I wouldn’t be surprised to see that this ends up taking just under $5,000 as our first target.”
The same sentiment was expressed by crypto analyst and Twitter user Crypto White Walker, who posted the following chart and stated that they “want to see the wick reach $2,600 again before it starts to climb.”
ETH/USDT weekly chart. Source: Twitter
Crypto White Walker said:
“A close above $3200 would make this chart better, and in my opinion a safe buy zone appears only when it breaks lower highs on the daily chart. Weekly RSI should be near 55.5-56.5.”
Ether should hold more than $2,830.
An understanding of Ether’s price behavior on the lower time chart was provided by cryptocurrency trader and Twitter user Altcoin Troy, who posted the following chart, highlighting key areas of demand for Ether.
ETH/USDT time-based chart. Source: Twitter
Altcoin Troy SA:
“Currently testing the H1 demand area/blocking orders around $2800. Also in conjunction with the 200-hour moving average which I would also like to see. Key level for recovery is $2,830 for additional gains.”
Related: Bitcoin nears $42,000 support as stock slide pushes BTC price lower
The fractal from 2016 indicates an upcoming breakthrough
Cryptocurrency analyst and Twitter user under the pseudonym TechDev took a closer look at current price action compared to previous cycles, and released the following chart comparing 2016 to current price action.
BTC/USD weekly chart. Source: Twitter
techdev sa,
“The basic idea of Ethereum (and alternatives in general). Imagine what bearish things would look like in 2016, even if you print the macro below the bottom line…”
A similar note was made by Ali_charts, who posted the following chart and stated: “Look how much the consolidation phase experienced by Ethereum between March 2016 and January 2017 resembles the price action that Ethereum is currently experiencing.”
ETH/USD weekly chart. Source: Twitter
If the pattern predicted by TechDev and Ali_Charts succeeds, Ethereum price could reach $28,000 under the next big bullish wave.
The total cryptocurrency market capitalization is currently at $1.864 trillion and the Bitcoin dominance rate is 43.1%.
