ETH Price Forecast: The Bears Prevail

Last week, ETH jumped to $2,773, but soon declined and was trading in a rather narrow range between $2,550 - $2,650. And early today, it dropped below $2,500 for a short time. However, after Elon Musk tweeted that he owns the BTC, ETH and Doge and he isn't planning to sell, ETH rallied to high of $2,610 and is trading at round $2,570 at the press of time.

 

On the fundamental aspect, the Chicago Mercantile Exchange (CME) will launch options contracts, the underlying assets of which will be microfutures for Bitcoin and Ethereum. Trading in instruments will start on March 28, 2022 after approval by regulators. CME launched Micro Bitcoin (MBT) in May, Micro Ethereum (MET) in December 2021. In both cases, the contract represents a tenth of the underlying asset and is settlement.

 

Santiment - a firm offering study and analytic in crypto area, reported that Ethereum crypto-kitties continue to buy the token of the leading smart contract platform, despite the fact that ETH has fallen in price by almost 10% over the past month.

 

The total capitalization of the crypto market has gone down again and currently stands at $1.69 trillion, while the share of Ethereum is 18.06%.

 

Technical Analysis

From the Weekly chart, this is the eighth week in a row that the price of Ethereum has been below the 50-day moving average. And so far, despite all the attempts of the Bulls, they have not been able to break through this barrier.

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On the daily chart, both RSI and MACD indicators are below the neutral zone. And the price has formed a "descending triangle" pattern, which means a further decline may be ahead. If ETH price breaks below the lower border, it is possible that ETH will retest $2,000 mark again.

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