Written by Denis HarrisoncontributorReviewed by Cyril Gilsonformer editorEthereum (ETH) Price Analysis: 3/21/2016
MagazinePublishedMar 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 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.
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.
If the buyers hold the level of $10.9, the price is likely to trend upward until the minimal target of $13-13.5.
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).
Subscribe to daily byte-sized crypto news from Cointelegraph
Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.
