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Ethereum Price Prediction: ETH/USD Sliding Lower Under $247; Is It Going to Revisit $240?

ETH Price Prediction – March 7

Despite the short-term peak above $245, Ethereum is showing lower trading signals in the coming days.

ETH/USD Market

Key Levels:

Resistance levels: $278, $288, $298

Support levels: $205, $195, $185

ETHUSD – Daily Chart

Ethereum (ETH) price is currently declining and it may likely trade below the 21-day moving average. ETH/USD is holding the $230 support level, but there is a possibility of sideways movement in the near term. The pair is currently consolidating near $244 and it could decline towards the $242 support if the technical indicator faces the south. Ethereum price is struggling to resume higher and the price might revisit the $240 support level before it could climb again.

However, if there is an upside break above $250, the price could test the $260 resistance level. Any further gains might push the price towards the $278, $288 and $298 resistance levels. On the downside, the $220 level is initial support. If there are more downsides, the price could test the critical support levels of $205, $195 and $185, where the bulls are likely to take a stand.

Moreover, ETH/USD is yet to show some positive signs above the $145 support, but it might dip further in the short term. Moreover, having said that, ETH/USD may likely bounce back above $150, as long as there is no daily close below the $140. The RSI (14) is following a sideway movement at 55.02, indicating an indecisive market movement.

Against Bitcoin, the price behaves differently and the trend is maintained and it climbs steadily. It kept the support above the 9-day and 21-day moving averages and has found resistance around 0.0270 BTC before falling down. If the price breaks out, it may likely reach the resistance level at $0.0285 BTC and above.

ETHBTC – Daily Chart

In other words, the bears are making effort to bring the price of ETH/BTC below the moving averages and if they are able to do so, the price could hit the support levels at 0.0250 BTC and below. More so, as the trading volume increases, the stochastic RSI is already moving out of the oversold zone which may likely give bullish signals in the market soon.

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.