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Home»EXCHANGE NEWS»Ethereum price faces many obstacles, do we expect a decline before a new rise?
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Ethereum price faces many obstacles, do we expect a decline before a new rise?

By Crypto FlexsMarch 14, 20243 Mins Read
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Ethereum price faces many obstacles, do we expect a decline before a new rise?
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Ethereum price is struggling above the $4,000 range. ETH is falling slowly and is at risk of falling towards the $3,850 support level.

  • Ethereum traded at a new multi-month high above $4,080 before correcting lower.
  • The price is trading below $4,000 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,965.
  • A break above the $4,025 resistance area could resume the price rise.

Ethereum price maintains support

Ethereum price, like Bitcoin, expanded its rise above the $4,050 level. ETH traded at multi-month highs above $4,080 before a downward correction.

The price fell below the $4,000 mark. Ethereum bulls seem to be struggling to keep the price above $4,000. There was a move below the 23.6% Fib retracement level of the upward move from the $3,830 swing low to the $4,083 high.

Ethereum price is currently trading below $3,980 and the 100-hour simple moving average. However, the bulls remain active near $3,950. On the hourly chart of ETH/USD, there is also a connecting bullish trendline with support at $3,965. The trend line is close to the 50% Fib retracement level rising from the $3,830 swing low to the $4,083 high.

If the pair holds above the $3,950 level, it could attempt a further rise. Immediate upside resistance is near the $4,025 level. The first major resistance is near the $4,050 level. The next major resistance level is near $4,085, above which the price could gain upward momentum.

Source: ETHUSD on TradingView.com

If specified, Ethereum could rise to the $4,150 level. If there is a move above the $4,150 resistance level, Ethereum may rise towards the $4,250 resistance level. A test of $4,320 may be needed for further gains.

Discontinuation of ETH?

If Ethereum fails to clear resistance at $4,025, a downward correction could begin. Initial support for the downside is near the $3,950 level.

The first major support is near the $3,880 area. The next major support could be the $3,830 zone. A clear move below the $3,830 support could lead the price towards $3,750. Any more losses could push the price down to the $3,650 level.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.

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

Key Support Level – $3,950

Key Resistance Level – $4,025

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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