Ethereum Price March 2019 Forecast: ETH Near Crucial Juncture

By March 3, 2019Ethereum
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Key Highlights

ETH/USD is trading above a crucial bullish trendline with support at $130.00 on the daily chart.

Technically, the daily chart indicators are currently near midlines in bullish territory.

Ether Price Analysis (ETH)

In February 2019, ETH/USD started a strong upward move and broke the $125.00, $140.00, and $150.00 resistance levels. However, the pair failed to stay above the $162.00-165.00 resistance and later corrected lower below $140.00.

ETH/BTC rallied from the 0.0300BTC support area and climbed above the 0.0350BTC and 0.0360BTC resistance levels. The pair traded toward the 0.0400BTC resistance and later corrected below 0.0370BTC and 0.0350BTC. The next key support is at 0.0330BTC, where buyers are likely to emerge.

Ethereum Price March 2019 Forecast

Let’s start with the daily chart of ETH/USD, the pair clearly gained bullish momentum after it broke the $125.00 resistance area. There were sharp gains above $140.00 and $150.00, but Ether buyers struggled to hold gains above the $162.00-165.00 resistance (previous hurdle for buyers in December 2018 and January 2019).

In the past few days, the price corrected lower and broke the $150.00 and $140.00 support levels. There was a break below the 50 percent Fibonacci retracement level of the upward move from the $101.05 low to $167.41 high.

At the outset, the $130.00 level and a crucial bullish trendline are acting as a solid support. Below the trendline, the next key support is near $125.00 (the previous resistance) and the 61.8 percent Fibonacci retracement level of the upward move from the $101.05 low to $167.41 high.

A downside break below the $125.00 support could push Ether toward the $115.00 pivot support area, which holds the key in the coming weeks. To the upside, there is a connecting bearish trendline in place, with resistance at $138.00.

Ether Price Analysis Chart

Should Ether buyers gain momentum above $138.00 and $140.00, the price could rebound and trade toward the $150.00 resistance. The main resistance is $162.00-165.00, above which the price could extend gains toward the $185.00 level.

Overall, Ether seems to be approaching important supports such as $125.00 and $115.00. The price could either break the $140.00 resistance and revisit highs in March 2019 or decline below $115.00 to resume its decline.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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ETH/USD is trading above a crucial bullish trendline with support at $130.00 on the daily chart.

Technically, the daily chart indicators are currently near midlines in bullish […]

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