Ethereum price consolidates near $2.8K as analysts say bulls prepare for a push higher
Choppy market conditions dominated the cryptocurrency landscape on March 3 as the global economy continues to face challenges on multiple fronts and uncertainty about the future weighs heavily on asset prices.
Data from Cointelegraph Markets Pro and TradingView shows that the gains made by Ether (ETH) on March 2 were nullified in trading on Thursday as the price drifted from yesterday’s high of $3,044 to a daily low of $2,784, reflecting an overall decline of 8.5%.
Here’s what several analysts in the crypto market are saying about what could be in store for Ether in the next few weeks.
Analysis of the weekly price action for Ether was provided by options trader and pseudonymous Twitter user ‘John Wick’, who posted the following chart that suggests that there has been a confirmed reversal in Ether price.
The analyst said,
A similar sentiment was expressed by crypto analyst and pseudonymous Twitter user ‘Crypto White Walker’, who posted the following chart and stated that they “would like to see a wick till $2,600s again before it starts its ascend.”
Crypto White Walker said,
Insight into the Ether price action on a lower time frame chart was offered by crypto trader and pseudonymous Twitter user ‘Altcoin Troy’, who posted the following chart which highlighted the major areas of demand for Ether.
Altcoin Troy said,
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A more macro view of the current price action as it relates to previous cycles was touched upon by crypto analyst and pseudonymous Twitter user ‘TechDev’, who posted the following chart comparing 2016 to the current price action.
TechDev said,
A similar observation was made by ‘Ali_charts’, who posted the following chart and stated
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