The crypto market continues to move forward on March 23, despite facing headwinds on multiple fronts. Global conflicts, rising inflation, and widespread economic uncertainty are now damaging financial markets and helping to highlight the need for a diversified investor portfolio.
Altcoins recently gained some position, led by Ethereum, the premier smart contract platform. Ethereum was able to return to the $ 3,000 major support and resistance zone where the Bulls are currently fighting for control.
ETH / USDT 1-day chart. Source: TradingView
Let’s see what some analysts in the market are saying about Ether’s future path and whether it is expected to rise further in the short term.
Upcoming testing for $ 3,125
A general overview of recent price behavior was provided by crypto analyst Michaelëlvande Poppe. Post The following chart shows that “Ethereum is rising after holding a significant level”.
ETH / USD 2-hour chart. Source: Twitter
Vande Poppe said,
“Next it seems to be testing $ 3,125.”
However, not all traders, including the pseudonym Twitter user Chartpunk, were able to quickly find higher price targets. Post The following chart highlights Ethereum’s 10-day uptrend and warns against jumping into an overheated market.
ETH / USD 4-hour chart. Source: Twitter
Chartpunk said,
“Don’t bring FOMO to market. If you want to take part in the trend, look for a retest of the entry zone on this chart.”
Based on the area highlighted in the chart, Charpunk is looking for a re-entry of about $ 2,975.
Emotions are neutral up to $ 3,287
A more measured approach to current price behavior was provided by crypto traders and the pseudonym Twitter user “Mad Mac Script”. He posted the following chart showing “neutral bias until above $ 3,287”.
ETH / USDT 1-day chart. Source: Twitter
This outlook was largely reflected by crypto advisor and pseudonym Twitter user Altcoin Sherpa. Post The following chart highlights the set of highs and highs created by Ether.
ETH / USD daily chart. Source: Twitter
Altcoin Sherpa said,
“I think we can have a discussion on lower timeframe charts to break the market structure upwards, but I’m personally waiting for a higher level. Anyway, the ETH 2.0 fundamentals will soon be strong. Will be. “
Related: ETH prices reach $ 3,000 as major crypto funds add more than $ 110 million of Ethereum to Lido’s staking pool
Possibility of withdrawal to $ 2,600
The final analysis of the low price level for monitoring was touched on by crypto trader and pseudonym Twitter user “Follis”. Post The following chart suggests a possible pullback to $ 2,600.
ETH / USDT 8-hour chart. Source: Twitter
Follis said,
“There is a strong reaction from that sweep to the supply, but most of the timeframes are bullish and we expect it to rise further unless it falls below $ 2,800. With a pullback, the $ 2,600 area is interesting. . 0.79 Five works well within this macro range. “
The overall market capitalization of cryptocurrencies is currently $ 1.919 trillion and Bitcoin’s dominance is 41.7%.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and transaction movements carry risks. When making a decision, you need to do your own research.