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Ethereum Price Prediction: ETH/USD May Likely Fall Below $120 Again

ETH Price Prediction – March 22

ETH/USD price is approaching a crucial support level. The Ethereum price must hold the $120 support to climb towards $160.

ETH/USD Market

Key Levels:

Resistance levels: $160, $165, $170

Support levels: $90, $85, $80

ETHUSD – Daily Chart

At the time of writing, ETH/USD is trading down 6.43% at its current price of $124.25, which marks a notable decline from its daily highs of $139.52 that was set today when the bulls attempted to spark another rally. In the near-term, ETH/USD has been able to find some support in the lower $115 level, as it has bounced multiple times after visiting these levels.

The price of the Ethereum was bitten today by the bear. ETH/USD is currently experiencing a price drop. Many traders were expecting a lot from the coin, although, both Ethereum and Bitcoin started trading with a fall today. The price is currently moving around the 9-day moving average but changing hands at $124.25 which is yet to break out to the upside or downside of the channel.

Moreover, a bearish drop may continue to roll the market down to the support level of $90, $85 and $80 while possible bullish surge may drive the market above the channel to $150 level, while testing the upper channel boundary, the $160, $165 and $170 may further provide resistance levels for the market. The RSI (14) moves below 37-level and staying there may cause the coin to remain below the $120 support level.

Against Bitcoin, the market price remained in the descending channel as the bears are dominating the market. ETH/BTC is currently trading at 0.0208 BTC and the bulls couldn’t push the price above the 9-day moving average. Looking at the chart, if the market continues to drop, the next key supports may likely be at 0.0180 BTC and below.

ETHBTC – Daily Chart

However, on the upside, a possible bullish movement may likely push the market above the moving average, when this is done, the resistance level of 0.0240 BTC and above could be visited. The RSI (14) faces the south and this indicates that the market may continue to fall.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      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.

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