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Home Market & Analysis

Ethereum Price Bears Aim For $3,000, Can ETH Stay Above This Support?

n70products by n70products
March 20, 2024
in Market & Analysis
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Ethereum value prolonged its decline beneath $3,200. ETH is struggling and it looks like the bears at the moment are aiming for a transfer towards the $3,000 assist zone.

  • Ethereum began a draw back correction beneath the $3,350 zone.
  • The worth is buying and selling beneath $3,350 and the 100-hourly Easy Shifting Common.
  • There’s a main bearish development line forming with resistance at $3,420 on the hourly chart of ETH/USD (information feed by way of Kraken).
  • The pair might resume its decline if it stays beneath the $3,420 and $3,500 resistance ranges.

Ethereum Value Breaks Assist

Ethereum value remained in a short-term bearish zone beneath the $3,550 and $3,500 ranges, like Bitcoin. ETH declined beneath the $3,350 assist stage to maneuver additional in a short-term bearish zone.

Lastly, the value traded beneath the $3,200 assist. A low was shaped at $3,162 and the value is now consolidating losses. It’s displaying a number of bearish indicators beneath the 23.6% Fib retracement stage of the downward wave from the $3,675 swing excessive to the $3,162 low.

Ethereum value is now buying and selling beneath $3,350 and the 100-hourly Easy Shifting Common. On the upside, instant resistance is close to the $3,280 stage. The primary main resistance is close to the $3,350 stage.

The following key resistance sits at $3,420. There may be additionally a serious bearish development line forming with resistance at $3,420 on the hourly chart of ETH/USD. It’s near the 50% Fib retracement stage of the downward wave from the $3,675 swing excessive to the $3,162 low.

Ethereum Price

Supply: ETHUSD on TradingView.com

The following main resistance is close to $3,550, above which the value would possibly achieve bullish momentum. Within the said case, Ether might rally towards the $3,650 stage. If there’s a transfer above the $3,650 resistance, Ethereum might even rise towards the $3,800 resistance. Any extra beneficial properties would possibly name for a take a look at of $4,000.

Extra Losses In ETH?

If Ethereum fails to clear the $3,420 resistance, it might proceed to maneuver down. Preliminary assist on the draw back is close to the $3,260 stage.

The primary main assist is close to the $3,200 zone. The following key assist could possibly be the $3,120 zone. A transparent transfer beneath the $3,120 assist would possibly ship the value towards $3,050. Any extra losses would possibly ship the value towards the $3,000 stage.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 stage.

Main Assist Degree – $3,260

Main Resistance Degree – $3,420

Disclaimer: The article is supplied for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site solely at your personal threat.



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