InsideBitcoins.com

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

ETHUSD – Daily Chart

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.

ETHBTC – Daily Chart

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

      Leave a Reply

      Your email address will not be published. Required fields are marked *