Since the news broke out about EIP-1559, price of ETH has been increasing. But the recent dip over the weekend has again posed questions on the price action of ETH. Would this momentum continue or is another major dip coming soon?
Ethereum is the No. 2 cryptocurrrency overall in terms of market cap and is widely believed by many to overtake Bitcoin in the long term. While that is a debate for another time given the sclabalility issues and high gas fees, let us look at the price targets for ETH for March 2021. ETH price has been hovering around in the $1750-$1800 for some days now and it could be time before we see the big push by the bulls. The support line seems to be at $1730 and the price of ETH has been consolidating for a while now.
This seems to be a good time to buy the dip and stock up on ETH right now and it is possible that ETH breaks the $1900 resistance and reach $2000 by the end of March. If bulls take control over the market, we could see the price go up to even $2500 but that still seems a bit unlikely right now.
The views and opinions expressed here are solely of the author. Every investment and trading move involves risk and it is necessary that you conduct your own research before making any decisions.
