Ethereum price breaks through $3K, but analysts warn that a retest is needed

Despite facing multiple headwinds, the cryptocurrency market is still moving forward on March 23. Global conflict, rising inflation, and general economic uncertainty are all weighing on the financial markets at the moment and highlighting the need to have a diverse portfolio.

Altcoins have gained some ground over the past few days, led by Ethereum. The top smart contract platform managed to climb back up to the major support zone at $3,000, where bulls are currently fighting for control.

ETH/USDT 1-day chart. Source: TradingView

Here are the views of several market analysts on Ether’s future and the possibility of further upside in the near-term.

Test of $3,125 coming up

Crypto analyst Michael van de Poppe provided a general overview of recent price movements and posted the following chart: “Ethereum moving up after holding critical level.”

ETH/USD 2-hour chart. Source: Twitter

van de Poppe said,

“Seems to be me that we’re going test $3,125 next.”

However, not all traders were quick to seek higher prices. This was the case for the pseudonymous Twitter user Chartpunk, who posted this chart that highlighted the ten-day uptrend in Ethereum and cautioned against jumping into an overheated marketplace.

ETH/USD 4-hour chart. Source: Twitter

Chartpunk stated,

“Do NOT FOMO in the market. If you wish to join the trend, check this chart for the retest zone.

Charpunk, based on the area shown in the chart, is looking for reentry at $2,975.

Until $3,287, the sentiment is neutral

Crypto trader and pseudonymous Twitter User Mad Max Crypto offered a more measured approach to current price action. He posted the following chart, which indicated a “Neutral bias until it flips the $32,287 mark.”

ETH/USDT 1-day chart. Source: Twitter

This outlook was widely shared by cryptocurrency advisor and pseudonymous user on Twitter, ‘Altcoin Sherpa.’ He posted the following chart that highlighted the Ether’s series of higher lows as well as higher highs.

ETH/USD 1-day chart. Source: Twitter

Altcoin Sherpa said,

“I believe that it is possible to make an argument for market structure being broken to the upside using lower time frames charts, but I personally wait for the higher levels. ETH2.0 fundamentals will be strong soon, however.

Related: Lido’s Staking Pool adds $110M Ethereum to ETH, ETH Price Hits $3K

Possible pullback up to $2,600

Crypto trader and pseudonymous Twitter User ‘Follis,’ posted the following chart, suggesting a possible pullback to $2,000.

ETH/USDT 8-hour chart. Source: Twitter

Follis stated,

Strong reaction to that sweep into supply. However, most hourly time frames remain bullish and I expect more upside so long as we don’t close below $2800. If we see a pullback to $2,600, it is worth noting that the 0.79 fib worked well within this macro range.

The total cryptocurrency market is now worth $1.919 trillion, and Bitcoin’s dominance rate of 41.7%.

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

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