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Ethereum (ETH) Price Prediction for March 7

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Thu, 7/03/2024 - 14:10
Ethereum (ETH) Price Prediction for March 7
Cover image via www.tradingview.com

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Sellers have not managed to seize the initiative yet, according to CoinMarketCap.

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ETH/USD

Unlike other coins, the rate of Ethereum (ETH) has fallen by 1.05% over the last day.

Image by TradingView

On the hourly chart, the rate of the main altcoin is looking bearish as it is located near the local support level of $3,747. If the situation does not change, one can expect a breakout, followed by a move to the $3,700 zone.

Image by TradingView

On the bigger time frame, the price of ETH has once again made a false breakout of the resistance of $3,827. 

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If the bar closes far from it, the correction may continue to the $3,600-$3,700 area soon.

Image by TradingView

From the midterm point of view, the picture is more positive as there are no reversal signals yet. If the weekly candle closes near its peak, the upward move may lead to the test of the vital zone of $4,000 this month.

Ethereum is trading at $3,789 at press time.

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