Ethereum Price Prediction – March 5
The Ethereum price prediction reveals that ETH could still follow the bullish movement, despite the recent price falls that hit the market.
Resistance levels: $3300, $3500, $3700
Support levels: $2000, $1800, $1600
ETH/USD is likely to hold gains above the support level of $2500 as the price faces the resistance level of $2700. At the time of writing, the Ethereum price is recovering above $2600 and the 9-day moving average is likely to cross above the 21-day moving average. Meanwhile, the second digital asset could start another decline unless it surpasses and stays above the main $3000 resistance zone.
Ethereum Price Prediction: Would Ethereum Hold Above $2800?
According to the daily chart, the Ethereum price is currently hovering at the resistance level of $2634 and the initial support could still be created below the previous low at $2500. Once the coin eliminated this level, the sell-off may begin with the next focus on the $2300 level. Therefore, if this support level drops further, the downward momentum could begin to snowball, and the next closest supports may be located at $2000, $1800, and $1600.
As the daily chart reveals, bulls must realize the need to cross above the upper boundary of the channel before they can get to the potential resistance levels. Above this handle, traders may need to consider a sustained move for the extended recovery to the resistance levels of $3300, $3500, and $3700. Meanwhile, the technical indicator, the Relative Strength Index (14) stays above 40-level, which could give additional bullish signals, and this may be possible if the 9-day MA crosses above the 21-day MA.
When compared with BTC, buyers are making effort to step back into the market as the coin is showing some promising signs. On the upside, if the price crosses above the 9-day and 21-day moving averages, the nearest resistance level could be located at 0.075 BTC and above.
However, when looking from the downside, the nearest support level is below the 9-day moving average at 0.065 BTC. Therefore, any further bearish movement beneath this may reach another support at 0.060 BTC. If the price drops further to create another low, lower support is located at 0.060 BTC and below. The Relative Strength Index (14) continues to move above 40-level which indicates that the market may follow the bullish movement.
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