Choppy market conditions dominated the crypto 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 of Markets Cointelegraph Pro and TradingView shows that the gains made by Ether (ETH) on March 2 were nullified in trading on March 3 as the price moved from the March 2 high of $3,044 to a daily low of $2,784, reflecting an overall decline of 8.5% .
Here is what various analysts in the crypto market are saying about what could be in store for Ether in the coming weeks.
Ether is a "safe buy" above $3,200
Analysis of Ether's weekly price action was provided by options trader and pseudonymous Twitter user John Wick, who aware the chart below suggesting that there has been a confirmed reversal in the price of Ether.
The analyst said,
โWeekly Ethereum has the same great looking setup, with a combination of confirmed investment and double bottom. I wouldn't be surprised to see him eventually get us to just under $5,000 as a first target."
A similar sentiment was expressed by cryptanalyst and pseudonymous Twitter user Crypto White Walker, who aware the following chart and stated that they "would like to see a wick up to $2,600 again before it starts to climb."
Crypto White Walker said,
โA close above $3200 will make this chart look even better and in my opinion the safe buy zone is only once it breaks the lower highs on the daily time frame. Weekly RSI should be between 55.5 and 56.5 soon."
Ether needs to stay above $2,830
Cryptocurrency trader and pseudonymous Twitter user Altcoin Troy offered some insight into Ether's price action on a lower time frame chart. aware the following graph, which highlights the main areas of demand for Ether.
Altcoin Trojan said,
โCurrently testing H1 demand/order lock zone around ~$2,800. Also in confluence with the 200 hourly EMA, which I would like to see hold as well. The key level to claim is $2,830 for more profit.โ
Related: Bitcoin Heads For $42K Support As Stock Pullback Pushes BTC Price Lower
A fractal from 2016 points to an upcoming breakout
A more macro view of current price action relative to previous cycles was taken by crypto analyst and pseudonymous Twitter user TechDev, who aware the chart below comparing 2016 to current price action.
TechDev said,
โMain idea for Ethereum (and alternatives in general). Imagine how bearish things looked in 2016, even printing a macro lower and lowerโฆโ
A similar observation was made by Ali_charts, who aware the chart below and stated, โcheck out how similar the consolidation phase Ether saw between March 2016 and January 2017 looks to the price action Ether is currently going through.โ
If the pattern projected by both TechDev and Ali_Charts holds, the price of Ether could hit $28,000 during the next big bull run.
The total cryptocurrency market capitalization is now $1.864 trillion and the dominance rate of Bitcoin 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 do your own research when making a decision.
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