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Ethereum price breaks through $3K, but analysts warn that a retest is needed
The cryptocurrency market continues to forge ahead on March 23 despite facing headwinds on multiple fronts. At the moment, global conflict, rising inflation and widespread economic uncertainty are taking a toll on financial markets and helping to highlight the need for a diversified investmen portfolio.
Altcoins have managed to gain some ground in recent days, led by Ethereum, the top smart contract platform, which managed to climb back to the major support and resistance zone at $3,000 where bulls are now battling for control.
Here’s a look at what several analysts in the market are saying about the path forward for Ether and whether or not further upside is expected in the short-term.
Upcoming test of $3,125
A general overview of the recent price action was provided by crypto analyst Michaël van de Poppe, who posted the following chart showing “Ethereum moving upward after holding crucial level.”
van de Poppe said,
“Seems to me that we’re going to test $3,125 next.”
But not all traders were so quick to look for a higher price target, including pseudonymous Twitter user ‘Chartpunk’, who posted the following chart highlighting the ten-day uptrend for Ethereum and warned against jumping into an overheated market.
Chartpunk said,
“Do not FOMO into the market. Should you want to join the trend, look for the retest of the entry zone on this chart.”
Based on the area highlighted in the chart, Charpunk is looking for re-entry around $2,975.
Sentiment is neutral until $3,287
A more measured approach to the current price action was offered by crypto trader and pseudonymous Twitter user ‘Mad Max Crypto’, who posted the following chart indicating a “Neutral bias till it flips the $3,287 mark.”
This outlook was largely echoed by cryptocurrency advisor and pseudonymous Twitter user ‘Altcoin Sherpa’, who posted the following chart highlighting the series of higher lows and higher highs made by Ether.
Altcoin Sherpa said,
“I think that you can make an argument for breaking market structure to the upside on lower time frame charts but I’m personally waiting for the higher levels. Regardless, ETH2.0 fundamentals are going to be strong coming soon.”
Related: ETH price hits $3K as major crypto fund adds over $110M Ethereum to Lido’s staking pool
A possible pullback to $2,600
A final bit of analysis on the lower price levels to keep an eye on was touched on by crypto trader and pseudonymous Twitter user ‘Follis’, who posted the following chart suggesting the possibility of a pullback to $2,600.
Follis said,
“Strong reaction from that sweep into supply, but most hourly time frames are bullish, and I expect more upside as long as we don’t close below $2,800. $2,600 area is interesting if we get a pullback, the 0.79 fib has worked well within this macro range.”
The overall cryptocurrency market cap now stands at $1.919 trillion and Bitcoin’s dominance rate is 41.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Buying Monday’s dip was right even if stocks retest lows
Wall Street mounted a remarkable comeback during Monday’s session, and CNBC’s Jim Cramer believes investors who bought during the early declines should be content with that choice even if the stock market later retests its lows.
“These kinds of bottoms tend to be revisited, as the [S&P 500 has] now fallen 10% from its high, and those who bought at the lows today will scalp their gains” early in Tuesday’s session, the “Mad Money” host predicted.
“But the bottom line: If you bought into today’s weakness as I’ve been telling you to do, … if you bought into what sure looked like a crescendo of selling, then I think you’ll end up being happy with your decision,” Cramer added.
Cramer’s comments Monday ultimately rest on what he called the concept of investment discipline.
“Sometimes, it feels like nothing works. Valuation? No. Sentiment? No. Earnings? No. When you get that feeling … you have to buy stocks, not sell them, because it’s almost never as bad as it seems,” Cramer said.
On Monday, the Dow Jones Industrial Average was down about 1,100 points before turning around and finishing higher by 99 points. The Nasdaq Composite advanced 0.6% Monday after being down 4.9% earlier.
“At the bottom today, the sellers weren’t just afraid of the bear; they were afraid of a recession. The market goes down endlessly when there are recession worries, but it almost always overshoots,” Cramer contended.
A portion of the weakness on Wall Street is likely tied to the Federal Reserve’s two-day policy meeting that begins Tuesday and is set to conclude Wednesday, Cramer said. He contended some investors are worried that Fed Chair Jerome Powell will adopt a more hawkish stance on inflation, so they’re selling stocks to get ahead of it.
“At the time it seemed like a very rational approach, but since when is the stock market rational?” Cramer asked, rhetorically. Instead, he stressed that to navigate this kind of choppy market, investors need to know prices at which they think a stock is attractive and then pull the trigger on buying it when it reaches that level.
“That’s a form of discipline. It’s a discipline for me. It’s worked in practically every downturn except the Great Recession. It certainly worked well today,” Cramer said.
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