Ethereum price consolidates near $2.8K as analysts say bulls prepare for a push higher

On March 3, cryptocurrency markets were dominated by buoyant market conditions. The global economy continues to face multiple challenges and uncertainty weighs heavily on asset values.

Cointelegraph Markets Pro and TradingView data show that Ether’s gains on March 2 were lost in trading on March 3. The price fluctuated from the March 2 high of $3,044, to a daily low at $2,784, indicating an 8.5% decline.

ETH/USDT 1-day chart. Source: TradingView

Below are the views of several crypto market analysts on what Ether could look like in the coming weeks.

Above $3,200 Ether is considered a safe buy

Options trader John Wick posted this chart, which shows that Ether prices have reversed in the past week.

ETH/USD 1-week chart. Source: Twitter

According to the analyst,

“Weekly Ethereum is the same fantastic looking set, with a confirmed reversal and double bottom. It wouldn’t surprise me if it takes us to $5,000 as our first target.

Crypto analyst Crypto White Walker posted the following chart. He stated that they would like to see a “wick until $2,600s” again before it begins its ascend.

ETH/USDT 1-week chart. Source: Twitter

Crypto White Walker stated,

“A close above $3,000. will make this chart look even more appealing. In my opinion, the safe buying zone is only once the chart breaks the lower highs of the daily time frame. The weekly RSI should rise to 55.5-56.5 very soon.

Ether must be above $2,830

Crypto trader and pseudonymous Twitter User Altcoin Troy provided insight into Ether’s price action over a shorter time frame chart. He posted the following chart which highlighted the main areas of Ether demand.

ETH/USDT 1-hour chart. Source: Twitter

Altcoin Troy stated,

“Currently testing the H1 demand zone/orderblock at $2,800. Confluence also with the 200-hourly EMA. I would love to see that hold. For more upside, the key level to reclaim is 2,830.

Related: Bitcoin pushes for $42K Support as Stocks Pullback nudges BTC Price Lower

2016 fractal points towards a upcoming breakout

TechDev, a crypto analyst and pseudonymous Twitter User, posted this chart that compares 2016 and the current price action.

BTC/USD 1-week chart. Source: Twitter

TechDev stated,

“Primary Idea for Ethereum (and all alts)” Imagine how bearish 2016 was, even printing a lower low …” macro.

Ali_charts made a similar observation and posted the following chart. It stated that “check out how similar Ether’s consolidation phase between March 2016 & January 2017 looks to Ether’s current price action.”

ETH/USD 1-week chart. Source: Twitter

If the pattern predicted by TechDev as well as Ali_Charts is true, Ether’s price could rise to $28,000 in the next major bull market.

The total cryptocurrency market is now worth $1.864 trillion. Bitcoin’s dominance rate at 43.1%.

com. You should do your research before making any investment or trading decision.

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