ETHEREUM PRICE ANALYSIS & PREDICTION (March 3) – ETH Under Recovery as it Gathers Momentum For a Big Crash, Will $2k Hold?

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After failing to reclaim the important $3k level in February, Ethereum released pressure again and plunged to a key support level. It has seen a major recovery following a bounce back but is now losing steam.

Ethereum has continued to mirror Bitcoin’s weekly movement but has failed to break below its critical $2,100 level, which has been providing support for the past four months.

Respecting this critical level again, it bounced and recovered nicely to where it’s changing hands at around $2,378. The $2,550 level has posted a threat to the buyers in the past hours and is now holding it as resistance. A surge above it could trigger more increases in the coming days.

Although it has formed a double-top pattern on the weekly chart, the price may crash soon. The potential target level for such a crash is $1,650. As soon as the price touches this level, a major bounceback is expected.

The only condition for a bullish move right now is holding the critical support level. If it continues to strengthen, we may see a strong rally above the important $3k level before considering a reversal. While the trend is still in favour of the bears, they appear set for another rally.

ETH’s Key Level To Watch

Source: Tradingview

The potential support levels for selling right now are $2,310 and $2,076. If the price breaks lower, $1,900 and $1,700 are the next support levels to consider for a test.

In case of a reversal, ETH must retake a lot of resistance on the way up. For now, the close resistance level to watch for a test is $2,550 and $2,700. Higher resistance levels to keep in mind are $2,920 and $3,213.

Key Resistance Levels: $2,550, $2,920, $3,213

Key Support Levels: $2,310, $2,076, $1,900