Ethereum Price Drops To Support, Another Chance To Load ETH?

The cost of Ethereum at $3,650 was met with resistance, resulting in a decline to the $3,320 level. Ethereum could potentially initiate a new rise from this point of support.

    Ethereum started another decline and traded below the $3,500 support zone.
    The price is trading below $3,500 and the 100-hourly Simple Moving Average.
    There is a key bearish trend line forming with resistance near $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could gain bullish momentum if it settles above the $3,450 resistance zone.

Ethereum Price Dips Again

The price of Ethereum had a hard time advancing beyond the $3,650 mark. Ethereum encountered resistance and subsequently dropped below the $3,550 threshold, similar to Bitcoin‘s trend.

The price of Ethereum dropped significantly below the $3,500 and $3,450 thresholds. It then touched the support area at $3,320, where a new low of $3,324 was established. Currently, Ethereum is making an effort to bounce back, as it has moved above the $3,360 mark. However, Ethereum is still below $3,500 and the 100-hour Simple Moving Average.

Positively, the price may encounter initial opposition around the $3,400 mark. This resistance level aligns with the 23.6% Fibonacci retracement point of the decline from the peak of $3,654 to the trough at $3,324.

The first major resistance is near the $3,420 level and the trend line. The next key resistance sits at $3,450, above which the price might test the 50% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low.

If Ether surmounts the resistance at $3,520 and the 100-hour Simple Moving Average, its value may escalate further, potentially reaching the $3,650 mark.

Ethereum Price Drops To Support, Another Chance To Load ETH?

Should Ethereum manage to break past the $3,650 barrier, it may continue climbing and reach the next resistance level at $3,720. If Ethereum’s price continues to rise further, it could be challenged at the higher resistance of $3,880.

More Losses In ETH?

If Ethereum is unable to surpass the $3,420 barrier, there’s a possibility it may keep declining. The first line of defense for Ethereum lies around the $3,320 mark.

The first major support is near the $3,250 zone. The next key support could be the $3,220 zone. A clear move below the $3,220 support might send the price toward $3,120. Any more losses might send the price toward the $3,040 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,320

Major Resistance Level – $3,420

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2024-04-02 07:16