The Crypto market resumed the bearish momentum. There are two levels to watch for a rebound in Ethereum. The following 19-21 March Ethereum price prediction looks at these two levels.
18 March, AtoZForex – The Crypto coins are dropping in a manner in which they boomed. It is a kind of crash some experts expected given the way this market performed in the second half of 2017. In December 2017, Ethereum was trading between $400 and $525 but the rally that followed saw price through to $1400 in less than a month.
Since peaking in January, Ether is now back to the same price it was in December 2017. Corrections usually take more time to complete than motive waves. Price took two months to shed the profits it acquired in just one month. Does this mean that there is a bright hope for Ether rally? I think there is. Ether blockchain is getting more attention presently and I think its fall can largely be attached to the market’s general bearish performance.
It’s been long we did an update on Ethereum. In the last update, we expected the price to rally if there was an intraday bullish breakout. Our concentration was more on the lower degree wave activities after the earlier belief that the correction was over. The chart below was used in the last update.
The wave analysis is playing out fine. A break above $890 as shown above could mean the continuation of the bullish move. Next bullish target is set above $1100. If price, on the other hand, is resisted below $890 and breaks below $779, further drop is expected to at least $650
The alternative happened. Price broke below instead and has continued downside since then. Ether is presently trading at $450. The following looks at the new bearish targets.
19-21 March Ethereum price prediction: what next?
Let’s go back to the higher time frame. The drop from the all-time high still looks corrective, probably wave 2 or 4 of the long-term bullish trend. Using Fib-ratio analysis, 61.8% and 100% Fib extension of wave X from Y lies at $450 and $120 respectively. Price is now at the first level, $450. If there is no bounce off $450 or slightly below it, there is a high likelihood that a bridge below $450 will lead price further downside to $120. Do you think this can happen? It’s a high possibility. Stay tuned for the next update.
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