Ethereum Price Prediction for March: Is the Rally Just Beginning?

Ethereum Price Prediction: ETH price rallied above the $1,700 resistance zone. The price might correct lower and test the $1,650 support level before rising again.

 

• ETHstarted a significant increase above the $1,650 resistance zone.
• The price is standingabove $1,650 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $1,690 on the hourly chart of ETH/USD.
• The pair could correct lower, but dips might be limited below the $1,650 support.

 

Ethereum Price Eyes More Gains

Ethereum price started a major increase above the $1,600 resistance zone. ETH even cleared the key $1,700 resistance zone to move further into a positive zone, similar to bitcoin.

 

Finally, the price spiked above the $1,740 resistance and traded close to $1,800. A high was formed near $1,784 before there was a downside correction. There was a sharp decline below the $1,700 level. The price tested the $1,665 support zone and traded as low as $1,666.

 

Ether price is now trading above $1,650 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,690 on the hourly chart of ETH/USD.

 

On the upside, the price is facing resistance near the $1,725 zone. It is near the 50% Fib retracement level of the recent decline from the $1,784 swing high to $1,666 low. The first major resistance is near the $1,740 and $1,750 levels.

 

The 76.4% Fib retracement level of the recent decline from the $1,784 swing high to $1,666 low is also near $1,750. The next major resistance is near the $1,800 level. A close above the $1,800 resistance zone might start another major increase.

 

 

In this case, the price may perhaps rise towards the $1,880 resistance level. Any more gains might send the price towards $2,000.

 

Ethereum Price Prediction: Dips Supported in Ethereum?

If ETH fails to clear the $1,740 resistance, it could start another decline. An initial support on the downside is near the $1,690 level and the trend line.

 

The next major support is around $1,650. If it falls below $1,650, the price could fall towards $1,600. Any more losses could call for a test of the $1,550 level.

 

Technical Indicators

Major Support Level – $1,650

Major Resistance Level – $1,740

 

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