Ethereum (ETH) Price Analysis for March 24

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The mar­ket is trad­ing side­ways on the last work­ing day of the week, accord­ing to the Coin­Mar­ket­Cap ranking.

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) is less of a gain­er than Bit­coin (BTC) today, ris­ing by 1.72%.

ETH/USD chart by TradingView

Despite the rise, the price of Ethereum (ETH) is com­ing back to the local sup­port lev­el at $1,729. Buy­ers have failed to fix above the impor­tant $1,800 mark once again, which means that a cor­rec­tion to $1,700 may hap­pen shortly.

ETH/USD chart by TradingView

On the dai­ly time frame, buy­ers could not keep the rise going after yes­ter­day’s bull­ish can­dle. How­ev­er, it is too ear­ly to think about a decline as the price is locat­ed in the mid­dle of the chan­nel, which means that none of the sides has seized the initiative.

But if the drop to $1,700 con­tin­ues, there is a chance to see the break­out of the sup­port at $1,717, fol­lowed by a decline to the $1,650 zone.

ETH/USD chart by TradingView

On the week­ly chart, the can­dle is about to close far from the peak at $1,841, con­firm­ing the weak­ness of buy­ers. If the sit­u­a­tion remains the same, traders are like­ly to see a con­sol­i­da­tion in the area of $1,750-$1,800 in the upcom­ing week.

Ethereum is trad­ing at $1,766 at press time.

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