We will be looking at the historical prices and market opinions for ETH in order to formulate an Ethereum price prediction for March 2020.
Ethereum is the most well-known and used blockchain-based smart contract platform, being responsible for about 80% of all launched ICOs.
ETH is the platform’s native crypto, which is ranked as number two according to a market capitalization of $24,564,703,631 and a trading price of $223.41, with a decrease of -2.91%. There are currently 109.953.405 ETH in circulation with a total volume of $19.346.375.179 worth of ETH has been traded in the last 24 hours.
Ethereum Price Prediction: Analysis
Around mid-February, ETH had a bull run which brought the coin to a price of $280. The following days ETH struggled to keep itself around this level, trading mostly around $270 and $260.
But then on February 25th, the price of Ethereum (ETH) plummeted from the $265 to $240 level. The bearish momentum continued, further pulling ETH below $220 support and trading close to the $205 support. However, the market has recovered. Ethereum closed the month at a price of $219,85.
The first day of March began around the same price, and after testing the $226 resistance level, the coin fell back to $218 at the end of the day. March the 2nd, ETH got a boost that propelled it to $230 level.
On March 3rd, the price of ETH also went over the $230 level to create a new intraday high near $235. A correction then followed, and the coin went down to $228 level, ultimately closing to $224,48.
Today, March 4th, ETH is trading at a price of $223.31, down 2.86%. The coin has managed to get past its most recent slip to $220 support. But it started losing its gains after it failed to break the resistance at $235 for the second time in a four-day period. Also, the gains amassed have not been sustained even at $230 support after the challenging comeback from the $210 support level.
The current pivot, resistance, and support levels calculated by WalletInvestor are:
- Resistance Level (R3): 240.638
- Resistance Level (R2): 236.373
- Resistance Level (R1): 230.469
- Pivot Point: 226.204
- Support Level (S1): 220.300
- Support Level (S2): 216.035
- Support Level (S3): 210.131
On March 2, the total record volume of decentralized exchanges operating in the Ethereum blockchain reached its highest monthly number in February 2020, as stated by Dune Analytics and its statistics. Over $372M worth of transactions has been processed on decentralized exchanges, signifying an increase of 62%, which is higher compared to values from January 2020. The preceding all-time high value was $358 million and it was reached back in July 2019.
Ethereum core developers have declared last month that they will be continuing with the ProgPoW update, which is expected to make Ether mining more ASIC resistant. The hard fork is planned to occur around July, three weeks after EIP-1962, an update that will implement cryptographic functions to Ethereum.
This is the third discussion the core developers had regarding agreeing to implement ProgPoW. Many fear that this update will split the community apart again and lead to another chain splitting.
However, James Hancock, Ethereum Hardfork Coordinator, has stated that a split is improbable.
“I have not seen any evidence that there is an ideological or people willing to step up and actually have a network split. If I’m wrong I’ll resign as hardfork coordinator,” said Hancock.
On February 5th, developers finished the formal verification and audit of the bytecode of deposit smart contract for Ethereum 2.0. Bytecode is a low-level code written in Solidity which runs on the Ethereum Virtual Machine (VM as bytecode).
Ethereum Price Prediction: Market Opinion for March 2020
A number of crypto forecasting sites have put forward their own Ethereum price prediction for March 2020, and in order to accurately portray the market sentiment around this coin, we decided to feature some of the most relevant ones.
Longforecast projected that ETH will have a trading price of $219 at the start of March. The site forecasts that the maximum price would be able to reach $253, while the minimum price will be around $166. The month’s average price was estimated at around $207. It is expected that ETH will close the month at a price of $190, change for March -13.2%.
Digitalcoinprice’s Ethereum price prediction is positive for March, expecting the coin to reach $497.63, which means an increase of 119.69 %.
Coinpredictor expects Ethereum to decline with -11.5% in the first week of the month, placing the coin at a price of $205.4. ETH is expected to rise by 5.1% towards the end of March, which would mean a price of $243.93.
WalletInvestor made predictions for the next 10 days of March, along with the minimum and maximum values of each particular day.
|Date||Price||Min Price||Max Price|
|2020-03-05|| 235.816|| 190.229|| 282.408|
|2020-03-06|| 239.927|| 194.862|| 288.103|
|2020-03-07|| 242.009|| 196.959|| 288.493|
|2020-03-08|| 239.795|| 191.498|| 284.912|
|2020-03-09|| 237.120|| 192.944|| 286.170|
|2020-03-10|| 233.300|| 188.325|| 280.893|
|2020-03-11|| 237.456|| 189.690|| 284.942|
|2020-03-12|| 246.312|| 202.519|| 291.042|
|2020-03-13|| 250.423|| 205.006|| 300.586|
|2020-03-14|| 252.505|| 208.492|| 298.326|
Gov.capital predicted that Ethereum would be trading at $101.645 at the end of March, with a maximum price of $116.880 and a minimum price of $86.389.
Cryptorating’s Ethereum price prediction for the next day is of $206.54, with a change of -9.03%. The site estimates that in one week the coin will be changing hands at $262.86, which marks an increase of 15.78%. Towards the end of the month, ETH is expected to close at $320.43, with an increase of 41.13%.
Cryptoground forecasted that in one day ETH will be trading at $201.1750, with a decrease of -10.99%. In a week, the price of ETH is anticipated to be around $204.6000, with a decrease of -9.48%. ETH is expected to have a closing price of $202.7734, which signifies a decrease of -10.29%.
30rates made an Ethereum price prediction for every day of March (without the weekends), along with the minimum and maximum prices of each day. The site predicts that on the last day of March, ETH will have a minimum of $174, a maximum of $200, and a closing price of $187.
Altcoinforecast predicted that on March 31st, ETH will be trading at a price of $269.66.
Ethereum Price Prediction: Verdict
We have reached the end of our Ethereum price prediction for March 2020. We hope that the information we presented here will be of help to you in your future ETH trading operations.
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Source From : Coindoo News