Ethereum Price Analysis: ETH/USD Will Drop To $165 By March 19
Ethereum cryptocurrency market has seen a wild sale of assets for the fifth day in a row. It seems that market makers will continue to dump virtual currency, so the ETH/USD will fall in price to $ 165 by March 19th.
- ETH/USD will drop to the next support zone - $ 172.
- On the hourly chart, a downtrend line with resistance around $ 192 has formed.
- The price of ETH may be slightly adjusted before a new downward movement.
On March 11, ETH/USD fell sharply to $ 182. Buyers met resistance at around $ 195 and were unable to overcome this barrier during the correction. As a result, ETH/USD began to merge again, and on March 12 the bottom was reached - $ 179.46 (on the Gemini exchange). At the moment ETH is trading below 23.6% Fib recorded during the dump from $ 207 to $ 179.46. Moreover, a bearish trend line with resistance at $ 192 has formed on the chart.
Sellers broke through support around $ 182 and consolidated below this zone. Therefore, there remains a high risk of further losses. The nearest support barrier is located at $ 172. If the bears overcome this barrier, then the cost of Ethereum will drop to $ 165.
What Point Will Ethereum Become Cheaper To In The Medium Term?
In December 2018, ETH was leaked to $ 84, a year later - to $ 132. If you draw a line at these marks, we can assume that this time the Ethereum rate will bottom at $ 148.
Ethereum price dynamics went beyond the bullish trend line that arose on January 3. In this regard, a change of trend to an upward trend in the near future is extremely unlikely. Most likely, the market situation will develop as follows:
- ETH will merge to $ 148;
- the correction will be no more than 5%;
- the course will push off from the support zone ($ 148) and begin to grow in May 2020;
- in the summer it is possible to update the maximum value of the coin for this year.
4-hours MACD is in the bearish trend zone.
4-hours RSI is below 30 (buy).
The main support level is $ 172.
The main resistance level is $ 192.
Nearest pivot points: $ 179 and $ 215.