Ethereum Price Prediction: ETH/USD Price Drops Below $1700 Following The Latest Bitcoin Plunge

ETH Price Prediction – March 23

Ethereum (ETH) is down with a 0.22% price decline after touching the daily high of $1723.

ETH/USD Market

Key Levels:

Resistance levels: $1900, $2000, $2100

Support levels: $1450, $1350, $1250

Since a few days ago, ETH/USD has not been able to climb much higher from the $1800 level as the market started to roll over and fall within the channel. ETH/USD remains below the 9-day and 21-day moving averages but it can rise higher and break above $1800 if the bulls put more effort.

What is the Next Direction for Ethereum?

If the sellers continue to add downward pressure to ETH, initial support is expected below the lower boundary of the channel. Beneath this, support can be found at $1600 and $1500. On the other hand, if the bulls can defend the $1600 level and allow ETH to rebound, an initial resistance is located above the moving averages at $1800. Above this, additional resistance is expected at $1900, $2000, and $2100.

More so, the RSI (14) has been falling toward the 40-level which shows that the previous bullish momentum is starting to fade. If the technical indicator manages to remain above the 45-level then the bulls stand a chance to allow Ethereum to rebound at $1800. However, if it penetrates beneath, the cryptocurrency may continue a downward spiral.

Against Bitcoin, Ethereum is experiencing some difficulties, especially since last month. More so, Ethereum recently breaks below the solid support at 3100 SAT and falls through the subsequent support level to 3000 SAT. The critical support level is located below the lower boundary of the channel.

However, ETH remains in a neutral market condition as it manages to rebound higher above the 3050 SAT. However, if it drops beneath the 3000 SAT then the market would have to be considered as bearish and the support levels to watch are 2500 SAT and below. To turn bullish, ETH must rise much higher and break above the 3500 SAT level and above as the RSI (14) moves to cross below the 40-level.