Ethereum must overcome $150 to start growth

25.03.2020 19:38:24

Thanks to the growth of the decentralized financial sector, Ethereum was able to show growth at the beginning of 2020 and was able to reach a maximum of $290. But in March, everything changed, and Ethereum changed the movement, entering a downtrend. And this trend may lower the price of Ethereum to a new low before Ethereum starts to rise again.

If you look at the long-term price chart of Ethereum, since 2017, when Ethereum peaked at $1,400, its price has been constantly decreasing. And Ethereum lost almost 90% of the price. And the high of 2020 was only the next lower low in the long-term trend. A continuous sequence of lower highs and lower lows is the definition of a downtrend.

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Analysts agree that until the price of Ethereum overcomes the $150 mark and makes it a support level, there is no reason to expect the formation of an uptrend.

Ethereum had important support near $150, and when ETH lost it, it opened the way to decline. When Ethereum rose above the $150 mark in March 2019, it was able to reach a maximum of $364. In January 2020, when Ethereum rose above that mark, it peaked at $290. Ethereum needs to rise above $150 for further growth. Now he has a chance to drop below $100.