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Home»EXCHANGE NEWS»Could Ethereum price widen losses and send Bears to $3,200?
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Could Ethereum price widen losses and send Bears to $3,200?

By Crypto FlexsMarch 19, 20243 Mins Read
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Could Ethereum price widen losses and send Bears to ,200?
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Ethereum price continued its downward trend below $3,500. ETH is showing some signs of weakness and could fall towards the $3,200 support area.

  • Ethereum began a downward correction below the $3,550 area.
  • The price is trading below $3,550 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,520.
  • A stay below the $3,520 and $3,550 resistance levels could resume the decline.

Ethereum price discount support

Ethereum price, like Bitcoin, began a downward correction below the $3,720 and $3,650 levels. ETH fell below the $3,550 support level to move further out of near-term bearish territory.

Finally, the price was trading below the $3,420 support level. The low was formed at $3,365 and the price is currently consolidating losses. There are several bearish signs below the 23.6% Fib retracement level moving down from the $3,675 swing high to the $3,365 low.

Ethereum price is currently trading below $3,550 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $3,440 level. The first major resistance is near the $3,520 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline with resistance forming at $3,520.

The trend line is close to the 50% Fib retracement level moving down from the $3,675 swing high to the $3,365 low. The next major resistance level is near $3,600, above which the price could gain upward momentum.

Source: ETHUSD on TradingView.com

If specified, Ethereum could rise to the $3,650 level. If there is a move above the $3,650 resistance level, Ethereum may rise to the $3,825 resistance level. You may need to test $4,000 to get more profits.

Are there any more disadvantages of ETH?

If Ethereum fails to clear the $3,520 resistance, it may continue to fall. Initial support for the downside is near the $3,365 level.

The first major support is near the $3,320 area. The next major support could be the $3,250 zone. A clear move below the $3,250 support could lead the price towards $3,200. Any more losses could push the price down to the $3,150 level.

technical indicators

Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.

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

Key Support Level – $3,365

Key Resistance Level – $3,520

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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