Ethereum Price Extends Losses, Can Bears Send ETH To $3,200?
19 Março 2024 - 1:20AM
NEWSBTC
Ethereum price extended its decline below $3,500. ETH is showing a
few bearish signs and there could be a drop toward the $3,200
support zone. Ethereum started a downside correction below the
$3,550 zone. The price is trading below $3,550 and the 100-hourly
Simple Moving Average. There is a major bearish trend line forming
with resistance at $3,520 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could resume its decline if it stays below
the $3,520 and $3,550 resistance levels. Ethereum Price Breaks
Support Ethereum price started a downside correction below the
$3,720 and $3,650 levels, like Bitcoin. ETH declined below the
$3,550 support level to move further in a short-term bearish zone.
Finally, the price traded below the $3,420 support. A low was
formed at $3,365 and the price is now consolidating losses. It is
showing a few bearish signs below the 23.6% Fib retracement level
of the downward move from the $3,675 swing high to the $3,365 low.
Ethereum price is now trading below $3,550 and the 100-hourly
Simple Moving Average. On the upside, immediate resistance is near
the $3,440 level. The first major resistance is near the $3,520
level. There is also a major bearish trend line forming with
resistance at $3,520 on the hourly chart of ETH/USD. The trend line
is close to the 50% Fib retracement level of the downward move from
the $3,675 swing high to the $3,365 low. The next major resistance
is near $3,600, above which the price might gain bullish momentum.
Source: ETHUSD on TradingView.com In the stated case, Ether could
rally toward the $3,650 level. If there is a move above the $3,650
resistance, Ethereum could even rise toward the $3,825 resistance.
Any more gains might call for a test of $4,000. More Downsides In
ETH? If Ethereum fails to clear the $3,520 resistance, it could
continue to move down. Initial support on the downside is near the
$3,365 level. The first major support is near the $3,320 zone. The
next key support could be the $3,250 zone. A clear move below the
$3,250 support might send the price toward $3,200. Any more losses
might send the price toward the $3,150 level. Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the
bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50
level. Major Support Level – $3,365 Major Resistance Level – $3,520
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