Ethereum (ETH) Price Analysis: 3/21/2016

What needs to happen for the downward Ethereum trend to continue?
What needs to happen for the downward Ethereum trend to continue?

What needs to happen for the downward Ethereum trend to continue?

What awaits Ethereum’s price?

The ETH/USD market failed to choose a specific direction during the weekend. After the downward trend stopped, the price started forming a recoil. Just like with Bitcoin, the sellers have started closing their deals for profit.

ETH/USD price chart 1

The continuation of the downward trend depends on the level of $9.7, which Ethereum’s price has bounced off repeatedly, displaying the importance of that resistance. That’s why if the ETH/USD fortifies at that level, there will be a possibility of a downward movement with the minimal target of $8.5.

ETH/USD price chart 2

If the buyers hold the level of $10.9, the price is likely to trend upward until the minimal target of $13-13.5.

ETH/USD price chart 3

This situation is not unlike the one occurring on Bitcoin’s market. Because of that, the two key levels which will decide the further movement of Ethereum’s price are $9.7 and $10.9 (BITFINEX).