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Ethereum (ETH) Price Prediction for March 24
The price of Ethereum (ETH) has experienced a significant increase over the past day, with a gain of approximately 3.75%. As we take a closer look at the hourly chart, it appears that the cryptocurrency has made a false breakout above $2,099 in terms of resistance.
On the hourly time frame, this price action is accompanied by low daily average true range (ATR), which suggests that there is a reduced likelihood of substantial movements. In this scenario, traders should keep an eye on the closing candle at this level, as it could potentially signal continued growth tomorrow.
Moving to the daily chart, we see a less bullish picture unfolding. The cryptocurrency’s rate is currently distant from both support and resistance levels. Consequently, there is no notable buying or selling pressure driving the price action. This lack of direction is reflected in low trading volume, indicating that neither buyers nor sellers have gained momentum. As a result, consolidation within the range of $2,050-$2,150 appears to be a more likely scenario.
When examining the medium-term perspective, traders should remain focused on the nearest interim level at $2,200. Until this price is breached from above, bears will retain their power, increasing the likelihood of further price declines.
At the time of writing, Ethereum (ETH) is trading at $2,100.
Source: https://u.today/ethereum-eth-price-prediction-for-march-24
