The cryptocurrency market continues to advance on March 23 despite facing headwinds on multiple fronts. Right now, global conflict, rising inflation, and widespread economic uncertainty are taking a toll on financial markets and help highlight the need for a diversified investment portfolio.
Altcoins have managed to gain some ground in recent days, led by Ethereum, the leading smart contract platform, which managed to climb back up to the main support and resistance zone at $3,000, where the bulls are now fighting for control.
Here is a look at what various analysts in the market are saying about the way forward for Ether and whether or not further upside is expected in the near term.
Next trial $3,125
An overview of recent price action was provided by cryptanalyst Michaรซl van de Poppe, who aware the chart below shows โEthereum moving higher after holding a crucial levelโ.
of the Pope said,
"Looks to me like we're going to test $3,125 next."
But not all traders were so quick to seek a higher price target, including pseudonymous Twitter user 'Chartpunk', who aware The chart below highlights the ten-day uptrend for Ethereum and warns against jumping into an overheated market.
chartpunk said,
โNo FOMO in the market. If you want to join the trend, look for the retest of the entry zone on this chart.โ
Based on the highlighted area on the chart, Charpunk is looking to re-enter around $2,975.
Sentiment is neutral up to $3,287
A more measured approach to current price action was offered by cryptocurrency trader and pseudonymous Twitter user 'Mad Max Crypto', who posted the following chart indicating a "neutral bias until the $3,287 mark flips."
This perspective was largely echoed by cryptocurrency advisor and pseudonymous Twitter user 'Altcoin Sherpa', who aware the chart below highlights the series of higher lows and higher highs made by Ether.
altcoin sherpa said,
โI think an argument can be made to break the structure of the market to the upside on the lower time frame charts, but personally I am looking forward to the higher levels. Regardless, the fundamentals of ETH2.0 will be solid coming soon."
Related: ETH Price Hits $3,000 as Major Crypto Fund Adds Over $110M of Ethereum to Lido Stake Pool
A possible pullback to $2,600
A final analysis on the lowest price levels to watch was addressed by cryptocurrency trader and pseudonymous Twitter user 'Follis', who aware the chart below suggests the possibility of a pullback to $2,600.
folis said,
โStrong reaction from that sweep in supply, but most time frames are bullish, and I expect more bulls as long as we don't close below $2,800. The $2,600 area is interesting if we get a pullback, the 0.79 fib has done well within this macro range.โ
The total cryptocurrency market capitalization is now $1.919 trillion and the dominance rate of Bitcoin is 41.7%.
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 do your own research when making a decision.
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