Ethereum Price Bears Aim For $3,000, Can ETH Stay Above This Support?
March 20 2024 - 12:12AM
NEWSBTC
Ethereum price extended its decline below $3,200. ETH is struggling
and it seems like the bears are now aiming for a move toward the
$3,000 support zone. Ethereum started a downside correction below
the $3,350 zone. The price is trading below $3,350 and the
100-hourly Simple Moving Average. There is a major bearish trend
line forming with resistance at $3,420 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could resume its decline
if it stays below the $3,420 and $3,500 resistance levels. Ethereum
Price Breaks Support Ethereum price remained in a short-term
bearish zone below the $3,550 and $3,500 levels, like Bitcoin. ETH
declined below the $3,350 support level to move further in a
short-term bearish zone. Finally, the price traded below the $3,200
support. A low was formed at $3,162 and the price is now
consolidating losses. It is showing a few bearish signs below the
23.6% Fib retracement level of the downward wave from the $3,675
swing high to the $3,162 low. Ethereum price is now trading below
$3,350 and the 100-hourly Simple Moving Average. On the upside,
immediate resistance is near the $3,280 level. The first major
resistance is near the $3,350 level. The next key resistance sits
at $3,420. There is also a major bearish trend line forming with
resistance at $3,420 on the hourly chart of ETH/USD. It is close to
the 50% Fib retracement level of the downward wave from the $3,675
swing high to the $3,162 low. Source: ETHUSD on TradingView.com The
next major resistance is near $3,550, above which the price might
gain bullish momentum. 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 $3,800 resistance. Any more
gains might call for a test of $4,000. More Losses In ETH? If
Ethereum fails to clear the $3,420 resistance, it could continue to
move down. Initial support on the downside is near the $3,260
level. The first major support is near the $3,200 zone. The next
key support could be the $3,120 zone. A clear move below the $3,120
support might send the price toward $3,050. Any more losses might
send the price toward the $3,000 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 – $3,260 Major Resistance Level – $3,420
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