Ethereum Price Prediction – March 8
The Ethereum price prediction is currently pushing the coin above the $2500 resistance but still falls below the moving averages.
ETH/USD Market
Key Levels:
Resistance levels: $3100, $3300, $3500
Support levels: $2000, $1800, $1600
ETH/USD begins a fresh increase today as the price rises toward the 9-day and 21-day moving averages. However, it is likely for the crypto to accelerate higher if it breaks the $3000 resistance level. For the past few days, Ethereum has been hovering below the moving averages but any bullish cross above this barrier could place the Ethereum price on a recovery trajectory.
Ethereum Price Prediction: How Far Can the Ethereum Price Go?
At the time of writing, the Ethereum price is trading at $2550.95 after adding 2.38% onto its value. The strength of the coin may open the door for a massive recovery above the upper boundary of the channel. However, the potential resistance at $3000 must be reached to pave the way for the impending action.
From a technical perspective, ETH/USD is capable of tackling the hurdles above the 9-day and 21-day moving averages as the Relative Strength Index (14) prepares for the upside. It seems as the bulls may aim for a clear break to the upside, and the coin could hit the resistance levels of $3100, $3300, and $3500. If the market price slump to the downside, traders may locate the support levels at $2000, $1800, and $1600 respectively.
Against Bitcoin, the market stays below the 9-day and 21-day moving averages, currently trading at 6628 SAT and expecting a break towards the upper boundary of the channel. Looking at the daily chart, traders can see that the bulls are likely to push the market upward, and the next key resistance level may likely come at 7200 SAT and above.
Meanwhile, on the downside, a possible drop towards the lower boundary of the channel could bring the market to hit the support level at 6000 SAT and below. According to the Relative Strength Index (14), the signal line is likely to cross above 40-level to trigger more bullish signals into the market.
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