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

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

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

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).

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