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Ethereum Price Climbs Above $3,000: Analysts Wait for Retest

 


The cryptocurrency market continues to climb higher on March 23, despite headwinds from multiple quarters. Global conflicts, rising inflation and economic uncertainty are currently weighing on the financial markets and underscoring the importance of a diversified investment portfolio.


Altcoins have seen some gains over the past few days. Leading the way, Ether ( ETH ) managed to clear its key support and resistance zone at $3,000 where the bulls are now scrambling for the upper hand.

What do analysts say about the further development of Ether and can one expect further increases in the short term or not?


$3,125 needs testing

Crypto analyst Michaël van de Poppe provided a general overview of recent price developments. He uploaded the following chart , which shows "Ethereum Climbs Up After Holding Crucial Level".


Van de Poppe commented:


"Seems to me we're going to test $3,125 next."

Not all traders are convinced that a higher price target can be directly considered. Twitter user "Chartpunk" uploaded the chart below, which shows Ethereum's 10-day uptrend. He warned against entering an overheated market.

Chartpunk said:


"Now is not the time to get into FOMO. If you're looking to jump on the trend, be sure to retest the entry zone on this chart."

On Chartpunk's chart, the $2,975 area is marked as a re-entry point.


Sentiment neutral to $3,287

Crypto trader and Twitter user "Mad Max Crypto" was more dovish about recent price action and uploaded the chart below. A "neutral tendency until the mark of 3,287 US dollars is exceeded" is drawn on this.

The cryptocurrency consultant "Altcoin Sherpa" also shares this forecast in a chart that he uploaded . This highlights Ether's series of higher lows and higher highs.


Altcoin Sherpa said:


“I think one could argue that the market structure is being broken to the upside on the shorter timeframes. But personally I'm waiting for the higher levels. Regardless, fundamentals for ETH 2.0 will be strong pretty soon.”

Related : ETH Price Climbs to $3,000: Major Crypto Fund Sends $110M in Ethereum to Lido Staking Pool


Possible drop to $2,600

Crypto trader Follis has highlighted which levels to watch below. He has uploaded the chart below which shows the possibility of a drop to $2,600.


“However, most hourly windows are bullish and I expect more gains unless we close below $2,800. The $2,600 area will be interesting if there is a dip. The 0.79 Fibonacci level has works well in this macro range."

The total market cap of all cryptocurrencies is now $1.919 trillion and Bitcoin’s market share is 41.7 percent.

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