Ethereum might reconquer $145 or dip to $119 trying
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Ethereum might reconquer $145 or dip to $119 trying

March 23, 2020      Nick Leeson

Ethereum, the soon to be Ethereum 2.0 has reached its target $145 as mentioned in the previous article. However, it did not stay there for long. A dip from this level has caused the price to be at $130 at the time of writing.

With a market cap of $14 billion, the token has a 24-hour trading volume of $12.6 billion, only 3x less than that of Bitcoin’s. Ethereum also is known as the successful or the dominant altcoin has total dominance of 8.96% and hence tends to have a sway over the rest of the altcoins. Further, with Bitcoin’s 65% dominance, Ethereum is also, in turn, correlated to the king coin.

  • The upper limit, as mentioned in the earlier article, is acting as the initial resistance at the time of writing.
  • The first resistance includes $145, which is supposed to be achieved in the next 48 hours.
  • Conquering $145 opens up levels $179, which also happens to be resistance at 200-day MA [blue].

60-Minute Ethereum Chart

Source: Trading View.

The 60-minute chart showed the continuation of a constant uptrend since March 13, 2020. As mentioned earlier, the symmetrical triangle has completed the formation and is trending higher. The relative strength index is also trending higher indicating a strong bullish movement. Any and all small dips below this might get corrected considering the length of the trend. The upper levels to look out for include, $145. A successful climb to this level would suggest Ethereum is ready for future bullish targets.

However, at the time of writing, there was a slight breach below this inclining resistance. This dip might similar to the one seen March 20; it could be a brief dip followed by a recovery above the trendline.  In case of continuation below this level, it would signify the presence of bears. Hence the levels to look for in this time frame include $119 and $100.

Long Term Ethereum Chart

Source: Trading View.

A higher time frame look at Ethereum’s chart indicates a slow downward trending price in the next few days to $119.40, which also happens to be the Fibonacci 78.60% level. This downtrend comes after a bounce from the 61.80% level at $151.45.

Expecting the price to trend lower in the next week would be an appropriate response for Ethereum.

You May Also Read.

READ  Binance Coin (BNB) Uptrend Is Solid, Prices May Rally Ahead of WINk IEO
#Crypto News #eth #ETH price analysis #ETH Price Prediction #Ethereum price prediciton
Nick Leeson
Nick Leeson

Nick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.