.png "Ethereum (ETH) Price Prediction: March 21 Analysis and Forecast")
Ethereum Price Analysis
Ethereum (ETH) has as of late displayed an honorable execution in the digital currency market, with an ascent of almost 5% to a cost of $3,495. This flood in cost is upheld by a significant exchanging volume of $28.85 billion, supporting Ethereum's situation as the second-biggest digital money with a market capitalization approaching $419.64 billion.
In any case, Ethereum faces examination from the U.S. Protections and Trade Commission (SEC) as it focuses on the Ethereum Establishment and possibly plans to order ETH as a security.This regulatory uncertainty surrounding Ethereum's status, combined with SEC Chair Gary Gensler's reluctance to clarify its position, adds to the market's uncertainty.
The result of the SEC's examination might actually strain the connection between the SEC and the U.S. Ware Prospects Exchanging Commission, as endeavors to characterize administrative limits for computerized resources proceed.This uncertainty in the regulatory landscape could impact Ethereum's price and the broader dynamics of the crypto market.
The price levels of Ethereum are critical in terms of technical analysis. The current pivot point stands at $3,562 with resistance levels registered at $3,673, $3,807 and $3,931, while the support levels are $3,411,$3,228 and $3,062. The Relative Strength Index (RSI) shows a cautious optimism when it reads 54 whereas the 50-Day Exponential Moving Average (EMA) is at$3607. This support level can be confirmed by the Double Top pattern near $3560 plus a closing Doji candle below this level.
However if there is any break over $3560 then sentiment may change towards a more positive view.Standard Chartered's Price Predictions.
Standard Chartered which is a global banking giant has recently released its updated Bitcoin and Ethereum price predictions for the year.By close of this year they predict that Bitcoin will reach $150k and by 2025 it will touch$250k.The revised forecasts come after bitcoin broke its previous ath to cross above 73k dollars. Standard Chartered analysts attribute these revised forecasts to the significant influx of funds into the market through Bitcoin exchange-traded funds (ETFs) and portfolio adjustments.
Meanwhile Standard Chartered maintains its year-end target for Ethereum at $8K in 2024 subject to approval of Spot Ether ETFs by U.S Securities and Exchange Commission (SEC). The upcoming Ethereum Dencon upgrade in March 2024 and the potential approval of a spot Ethereum ETF could lead to significant investment flowing into Ethereum, similar to the trend observed with Bitcoin ETFs.
While Standard Chartered remains optimistic about the long-term growth prospects of Ethereum, it is worth noting that not all industry experts share the same sentiment. Binance's CEO, Richard Teng, predicts that Bitcoin will reach $80,000 by year-end, falling short of Standard Chartered's projections. Teng believes that supply dynamics and sustained demand will drive Bitcoin's growth but perhaps not to the extent forecasted by others.
Smart Money Behavior in Ethereum Market
During Ethereum's correction phase, savvy participants, often referred to as smart money, have been taking advantage of the market liquidity. Around $122 million in liquidations have been observed, and the Money Flow Index (MFI) indicates that buyers are regaining strength. The MFI tracks the flow of money in and out of Ethereum, and as more people bet on the dips, the MFI climbs towards the overbought region. Buying pressure may ignite a new uptrend, with the potential to push Ethereum's price above $4,000.
However, traders are currently deliberating whether to buy or short Ethereum at the $3,300 support level. The Relative Strength Index (RSI) bouncing back to 42 from near oversold levels suggests a bullish outlook, but further stability and a close above $3,300 would be needed for confirmation. Technical indicators like the 200-day Exponential Moving Average (EMA), the 50-day EMA, and the 20-day EMA indicate that the correction in Ethereum may not be over yet. Aggressive attempts to recover to $4,000 are required to avoid further price drops to $3,000 in the short term and $2,500 in the medium term.
Support and resistance levels play a crucial role in Ethereum's price movement. The IOMAP model shows that the most robust resistance lies between $3,739 and $3,839, with 8.7 million ETH out of the money compared to 4.46 million ETH in the money. The support areas have shrunk significantly since the weekend, highlighting the need for strategic decision-making to avoid potential traps. The strongest support lies between $2,832 and $2,932, with 1.61 million addresses purchasing 1.32 million ETH at an average price of $2,887Certainly! Here is the same text with the citation markers [^1^] removed:
Ethereum (ETH) has recently exhibited a commendable performance in the cryptocurrency market, with a rise of nearly 5% to a price of $3,495. This surge in price is supported by a substantial trading volume of $28.85 billion, reinforcing Ethereum's position as the second-largest cryptocurrency with a market capitalization nearing $419.64 billion.
However, Ethereum faces scrutiny from the U.S. Securities and Exchange Commission (SEC) as it targets the Ethereum Foundation and potentially aims to classify ETH as a security. This regulatory uncertainty surrounding Ethereum's status, combined with SEC Chair Gary Gensler's reluctance to clarify its position, adds to the market's uncertainty.
The outcome of the SEC's investigation could potentially strain the relationship between the SEC and the U.S. Commodity Futures Trading Commission, as efforts to define regulatory boundaries for digital assets continue. This uncertainty in the regulatory landscape could impact Ethereum's price and the broader dynamics of the crypto market.
From a technical analysis perspective, Ethereum's price levels are crucial. The current pivot point is at $3,562, with resistance levels identified at $3,673, $3,807, and $3,931, and support levels at $3,411, $3,228, and $3,062. The Relative Strength Index (RSI) stands at 54, indicating a cautiously optimistic momentum, and the 50-Day Exponential Moving Average (EMA) is at $3,607. The presence of a double top pattern near $3,560, coupled with a closing Doji candle below this level, suggests the possibility of bearish corrections. However, crossing above the $3,560 threshold could pivot the sentiment to a more bullish outlook.
Standard Chartered's Price Predictions
Standard Chartered, a global banking titan, has recently updated its price forecasts for Bitcoin and Ethereum. According to their projections, Bitcoin's price is expected to reach $150,000 by the end of this year and $250,000 by 2025. These revised forecasts come after Bitcoin broke its previous all-time high, reaching over $73,000. Standard Chartered analysts attribute these revised forecasts to the significant influx of funds into the market through Bitcoin exchange-traded funds (ETFs) and portfolio adjustments.
On the other hand, Standard Chartered maintains its year-end target for Ethereum at $8,000 in 2024, contingent upon the approval of spot Ether ETFs by the U.S. Securities and Exchange Commission (SEC). The upcoming Ethereum Dencon upgrade in March 2024 and the potential approval of a spot Ethereum ETF could lead to significant investment flowing into Ethereum, similar to the trend observed with Bitcoin ETFs.
While Standard Chartered remains optimistic about the long-term growth prospects of Ethereum, it is worth noting that not all industry experts share the same sentiment. Binance's CEO, Richard Teng, predicts that Bitcoin will reach $80,000 by year-end, falling short of Standard Chartered's projections. Teng believes that supply dynamics and sustained demand will drive Bitcoin's growth but perhaps not to the extent forecasted by others.
Smart Money Behavior in Ethereum Market
During Ethereum's correction phase, savvy participants, often referred to as smart money, have been taking advantage of the market liquidity. Around $122 million in liquidations have been observed, and the Money Flow Index (MFI) indicates that buyers are regaining strength. The MFI tracks the flow of money in and out of Ethereum, and as more people bet on the dips, the MFI climbs towards the overbought region. Buying pressure may ignite a new uptrend, with the potential to push Ethereum's price above $4,000.
However, traders are currently deliberating whether to buy or short Ethereum at the $3,300 support level. The Relative Strength Index (RSI) bouncing back to 42 from near oversold levels suggests a bullish outlook, but further stability and a close above $3,300 would be needed for confirmation. Technical indicators like the 200-day Exponential Moving Average (EMA), the 50-day EMA, and the 20-day EMA indicate that the correction in Ethereum may not be over yet. Aggressive attempts to recover to $4,000 are required to avoid further price drops to $3,000 in the short term and $2,500 in the medium term.
Support and resistance levels play a crucial role in Ethereum's price movement. The IOMAP model shows that the most robust resistance lies between $3,739 and $3,839, with 8.7 million ETH out of the money compared to 4.46 million ETH in the money. The support areas have shrunk significantly since the weekend, highlighting the need for strategic decision-making to avoid potential traps. The strongest support lies between $2,832 and $2,932, with 1.61 million addresses purchasing 1.32 million ETH at an average price of $2,887