Ethereum Price Forecast - ETHUSD Meets Resistance At $180 Level

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The support level for Bitcoin (BTC) has been consistently rising over the past week and now likely sits near $5,100. Similarly, there was a correction in Ethereum below the Dollars 178 and USD 175 supports. The author or the publication does not hold any responsibility for your personal financial loss. Ripple price also declined recently and approaching the key Dollars 0.340 support area. Bitcoin (BTC) would have to climb to $5,400 and stay up there before it can be declared that this resistance level has been broken. "OTC (Over-The-Counter) trades, the nearly only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 Dollars = 6.7 CNY". However, the United States dollars 5,080 support acted as a strong buy zone. The next key support is at United States dollars 5,050, below which the price might test USD 5,000.

On the upside, an initial resistance is near the United States dollars 5,200 level. If buyers gain momentum above Dollars 5,200, the price is likely to revisit the USD 5,300 resistance.

Ethereum (ETH) price traded around $143 level last week. Since February 24, ETH price had been trading in a range between $140 and $145 levels.

On the upside, an initial resistance is near the Dollars 178 level, above which sellers are likely to defend gains above the USD 180 level.

According to Diar's report, however, the decline in value failed to translate into more institutional demand, perhaps hinting that price isn't such a prominent factor for institutions. On the upside, the broken support at United States dollars 300 is likely to act as resistance.

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Bitcoin's recent surge from $4,000 to over $5,300 has sent shockwaves throughout the crypto markets, as it has led many individual cryptocurrencies to clock in gains of 50% or more, while others have more than doubled from their monthly lows.

In this Ethereum price forecast, the ETH/USD pair is facing resistance at the $180 price level. On the downside, the next key support below Dollars 5.25 is at USD 5.10. For the second time, the price retraced and retested the resistance level but again met some resistance, making the price to drop to the support of the 26-day EMA. "OTC (Over-The-Counter) trades, the nearly only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 Dollars = 6.7 CNY", they noted.

In 2017, China formally banned cryptocurrency trading, forcing investors to use alternative channels to buy and sell Bitcoin. cnLedger notes that Chinese investors have resorted to purchasing the stablecoin Tether (USDT) through OTC providers-at a price premium relative to the market-which they are then able to exchange for Bitcoin and other top cryptocurrencies. Out of these, REPO rallied close to 100% and ABBC coin gained almost 17%.

The current price action is slightly bearish, with corrective moves in bitcoin below Dollars 5,200. BTC must stay above the Dollars 5,080 and USD 5,050 support levels.

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