Home Ethereum Why Ethereum Remains At Risk of A Fresh Drop To $3K

Why Ethereum Remains At Risk of A Fresh Drop To $3K

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Ethereum is struggling to climb above $3,500 in opposition to the US Greenback. ETH worth is shifting decrease and it might decline additional beneath the $3,200 help zone

  • Ethereum didn’t clear the $3,450 stage and began a contemporary decline.
  • The worth is now buying and selling effectively beneath $3,400 and the 100 hourly easy shifting common.
  • There’s a main bearish development line forming with resistance close to $3,400 on the hourly chart of ETH/USD (information feed by way of Kraken).
  • The pair might lengthen its decline if there’s a clear break beneath the $3,200 help zone.

Ethereum Worth is Struggling Under $3,400

Ethereum tried a restoration wave above the $3,400 stage. Nonetheless, ETH struggled to clear the $3,450 resistance and it even failed to remain above the 100 hourly easy shifting common.

A excessive was shaped close to $3,450 and the worth began a contemporary decline, much like bitcoin. There was a break beneath the $3,350 and $3,320 help ranges. Ether traded beneath the 50% Fib retracement stage of the upward transfer from the $3,148 swing low to $3,450 excessive.

It’s now buying and selling effectively beneath $3,400 and the 100 hourly easy shifting common. There’s additionally a serious bearish development line forming with resistance close to $3,400 on the hourly chart of ETH/USD. Moreover, it’s now buying and selling effectively beneath $3,400 and the 100 hourly simple moving average.

Ethereum Price

Supply: ETHUSD on TradingView.com

A right away resistance on the upside is close to the $3,320 stage. The primary main resistance is close to the $3,380 stage. A correct transfer above the $3,380 stage and $3,400 might improve the possibilities of a gentle improve. The subsequent main resistance sits close to $3,500.

Extra Losses in ETH?

If ethereum fails to proceed greater above the $3,350 and $3,400 resistance ranges, it might begin one other downward transfer. A right away help on the draw back is close to the $3,220 stage.

The 76.4% Fib retracement stage of the upward transfer from the $3,148 swing low to $3,450 excessive can be close to $3,220. A draw back break beneath the $3,220 and $3,200 help ranges would possibly push the worth additional decrease. The subsequent main help is now forming close to the $3,150 zone, beneath which ether worth would possibly revisit $3,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining tempo within the bearish zone.

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

Main Help Stage – $3,200

Main Resistance Stage – $3,380


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