On March 1, 2019, Ethereum (ETH) opened at $138.18. A sharp drop ensued, followed by a gradual increase. On Mar 31, Ethereum closed at $142.64.
The total increase measured from opening to closing prices around 3%.
Ethereum performed better than XRP—whose price dropped approximately 1.875% in the same period—but worse than Bitcoin which saw gains of approximately 8%. Stellar lumens performed better than all three with gains over 25%.
The daily price fluctuations of Ethereum throughout March can be seen below:
In the rest of the article, we analyze the monthly trading structure of Ethereum. To do this, we examine the most important moves that occurred in March.
Ethereum (ETH): Trends and Highlights For March 2019
- The price of ETH/USD has been on a gradual uptrend since Mar 1.
- Ethereum is trading inside an ascending channel.
- The price broke down from an ascending channel on Mar 8.
- Ethereum broke out from an ascending triangle on Mar 15.
- It finally broke down from an ascending channel on Mar 21.
- ETH/USD has failed to break out above $150.
The price of ETH on Bitfinex is analyzed at one-day intervals from Mar 1 to Mar 31 to determine its monthly trading pattern.
On Mar 4, the price made a low of $125.88. It has been on a gradual uptrend since, with each low being higher than the previous one.
Tracing these lows gives us an ascending support line:
On Mar 6, the price made a high of $143.83. Several market cycles have been completed since, with each high being higher than the previous one.
Tracing these highs gives us a descending resistance line.
The resistance and support lines combine to create an ascending channel:
Price increases and decreases are equally likely within the channel. However, because the channel is upward facing it is expected that the price will keep increasing in the long-term.
Ethereum experienced three important movements in March:
- Mar 5 – Mar 14: Ethereum breaks past $140.
- Mar 14- Mar 26: Long and gradual downtrend.
- Mar 26 – Mar 31: Upward move toward $150.
Mar 5 – 14: Rapid Upward Move And Subsequent Decrease
On Mar 5, the price made a low of $135.76. On the same day, it proceeded to make a high of $141. Since then, it has continued to create higher lows and highs. Tracing these lows and highs respectively gives us an ascending channel.
Price traded inside the confines of the channel until a breakdown occurred on Mar 8.
The price gradually decreased and reached a low of $130.55 on Mar 12.
We successfully predicted this movement in our Mar 7 analysis.
Mar 14 – 26: Triangle Breakout And Gradual Decrease
After the Mar 12 low, the price began a gradual increase.
Afterward, Ethereum created successively higher lows but was unable to reach a higher high. Tracing the highs and lows between Mar 12 and 15 respectively gives us an ascending triangle. This is the first pattern seen on the graph below:
A breakout from the triangle occurred on Mar 15, which took it to a high of $147.5. We successfully predicted this movement in our Mar 15 analysis.
After the breakout, prices dropped and a new trading pattern emerged after ETH reached a low of $138.30 on Mar 18.
This the ascending channel (second trading pattern in the graph above) traces gradual increases until Mar 21 when Ethereum’s price dropped again. We successfully predicted this breakdown in our Mar 21 analysis.
Mar 26 – 31: Failed Attempt At $150
On Mar 25, the price reached a low of $132.67. It has gradually increased since. The increased accelerated on Mar 27.
Price reached a high of $149.17 on Mar 30 before another decrease. By the end of the day, Ethereum had dropped below $144.
In other words, EThereum neared $150. However, this attempt failed—just like every other attempt in March.
The price broke down from the support line on Mar 31. This means that Ethereum may have just emerged in a new bearish trading pattern as April begins.
Summary of Analysis
In the month of March, the price of Ethereum enjoyed gradual increases. It has been trading inside an ascending channel with significant fluctuations between resistance and support. Despite slight price increases throughout the month, Ethereum was unable to reach $150. It also performed worse than both Bitcoin and Stellar lumens.
Where do you think the price of ETH will go on from here? Let us know your thoughts in the comments below!
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.