ethereum price extended its decline below $3,500. eth is showing some bearish signs and there could be a fall towards the $3200 support zone.
- ethereum started a downward correction below the $3,550 zone.
- The price is trading below $3550 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance at $3,520 on the hourly chart of eth/USD (data via Kraken).
- The pair could resume its decline if it stays below the $3,520 and $3,550 resistance levels.
ethereum Price Breakouts Support
ethereum price started a downward correction below the $3,720 and $3,650 levels, like bitcoin. eth fell below the $3,550 support level to advance further into a short-term bearish zone.
Finally, the price traded below the $3,420 support. A low was formed at $3365 and the price is now consolidating losses. It is showing some bearish signs below the 23.6% Fibonacci retracement level of the downward move from the high of $3.675 to the low of $3.365.
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 near the 50% Fibonacci retracement level of the downward move from the high of $3,675 to the low of $3,365. The next major resistance is near $3,600, above which the price could gain bullish momentum.
<img decoding="async" class="alignnone size-full wp-image-598591" src="https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Extends-Losses-Can-Bears-Send-ETH-to-3200.png" alt="ethereum Price” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Extends-Losses-Can-Bears-Send-ETH-to-3200.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Extends-Losses-Can-Bears-Send-ETH-to-3200.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Extends-Losses-Can-Bears-Send-ETH-to-3200.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Extends-Losses-Can-Bears-Send-ETH-to-3200.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Extends-Losses-Can-Bears-Send-ETH-to-3200.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Extends-Losses-Can-Bears-Send-ETH-to-3200.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/03/Ethereum-Price-Extends-Losses-Can-Bears-Send-ETH-to-3200.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
In the indicated case, Ether could rise towards the $3,650 level. If there is a move above the $3,650 resistance, ethereum could even rally towards the $3,825 resistance. Any additional winnings could require a test of $4,000.
More disadvantages in eth?
If ethereum fails to overcome the $3,520 resistance, it could continue down. Initial support on the downside is near the $3,365 level.
The first major support is near the $3,320 area. The next key support could be the $3,250 zone. A clear move below the $3,250 support could send the price towards $3,200. Any further losses could send the price towards the $3,150 level.
Technical Indicators
MACD hourly – 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.
Main Support Level: $3,365
Main Resistance Level: $3,520
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
