Ethereum price consolidates near $2.8K as analysts say bulls prepare for a push higher
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.
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 2’s high of $3,044 to a daily low of $2,784, reflecting an overall decline of 8.5%.
Here’s 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 “safe buy” 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.
The analyst said,
“The weekly Ethereum has the same great looking setup, with a combination confirmed reversal & double bottom. Wouldn’t be surprised to see it eventually take us to just below $5,000 as first target.”
A similar sentiment was expressed by crypto analyst and pseudonymous Twitter user Crypto White Walker, who posted the following chart and stated that they “would like to see a wick till $2,600s again before it starts its ascend.”
Crypto White Walker said,
“A 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.”
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.
Altcoin Troy said,
“Currently 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.”
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.
“Primary idea for Ethereum (and alts in general). Imagine how bearish things looked in 2016, even printing a macro lower low…”
A similar observation was made by Ali_charts, who posted the following chart and stated “check 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.”
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 Bitcoin’s 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.