ETHEREUM PRICE ANALYSIS & PREDICTION (March 20) – ETH Calms Due to Low Supply But More Dips Lie Ahead
From a peak of $4.1k to a low of $1.75k in three months, Ethereum lost over 60% of its price during this bearish phase and remained extremely weak on a daily, with no signs of a recovery at the time of writing.
Looking back, Ethereum has posted huge losses in the past months as bullish sentiments completely fade away. However, it managed to stay above $1,750 during last week’s drop and bounced slightly.
This bounce saw the price briefly above $1.9k but it later lost buzz after failing to retest the important $2k level that broke down in the preceding week. While looking strong today, it is gathering momentum for another leg down.
ETH supply level currently looks low, but once it increases, we can anticipate a move into the $1.6 range, which has been the crypto’s major target range since it initiated bearish.
The question of whether Ethereum will recover from this dip has been on the lips of many investors recently. Yes, from a technical standpoint, there’s hope for a recovery if the above range produces support.
Not recovering from the recent accumulated losses may occur if the price dips below the $1.5k level in the future. This level remains a key support for a long-term move. Losing it will signal more bearish action, and may automatically mark an end in the crypto bullish cycle.
ETH’s Key Level To Watch
If Ethereum rolls over to retake the $1,755 low that held as support since last week, the next key level to keep in mind for a drop is $1,640, along with the $1,570 level.
The $1,960 level was recently held as resistance. A push above this level could allow a retest at $2,100 and potentially $2,310 before dropping. Above these mentioned levels lie $2,550. As it stands, ETH shows no sign of increasing yet.
Key Resistance Levels: $2,100, $2,310, $2,550
Key Support Levels: $1,755, $1,640, $1,570
- Spot Price: $1,914
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
