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Home»EXCHANGE NEWS»Ethereum price fails again, signs of further losses below $3,300
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Ethereum price fails again, signs of further losses below $3,300

By Crypto FlexsApril 4, 20243 Mins Read
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Ethereum price fails again, signs of further losses below ,300
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Ethereum price is struggling to recover above the $3,360 resistance zone. ETH is currently showing signs of further losses below the $3,300 and $3,250 levels.

  • Ethereum faces many obstacles near the $3,350 and $3,360 levels.
  • The price is trading below $3,350 and the 100-hour simple moving average.
  • On the ETH/USD hourly chart (data feed via Kraken), a break occurred below the rising channel supporting $3,320.
  • A close below the $3,200 support could widen losses.

Disadvantages of Ethereum Price Signals

Ethereum price was trading below the $3,300 level before beginning an upward trend. ETH traded as low as $3,215 before a small Bitcoin-like recovery wave. The price surpassed the $3,250 and $3,280 levels.

There was movement above the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low. However, the bears remained active near the $3,360 resistance. The bulls struggled and prices responded with a downtrend.

On the hourly chart of ETH/USD, a break occurred below the ascending channel supporting $3,320. Ethereum is currently trading below $3,300 and the 100-hour simple moving average.

Immediate resistance is near the $3,300 level. The first major resistance is near the $3,360 level. The next major resistance lies at $3,435 or the 50% Fib retracement level of the downside wave from the $3,655 swing high to the $3,215 low, above which the price could test the $3,500 level.

Source: ETHUSD on TradingView.com

The next major resistance can be seen near the $3,550 level, above which Ethereum could gain bullish momentum. If specified, the price could rise to the $3,650 region. If there is a move above the $3,650 resistance level, Ethereum may rise towards the $3,750 resistance level. A test of $3,800 may be needed for further gains.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,360 resistance, it may continue to fall. Initial support for the downside is near the $3,240 level.

The first major support is near the $3,215 area. The next major support could be the $3,200 zone. A clear move below the $3,200 support could lead the price towards $3,120. Any more losses could push the price down to the $3,040 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 – $3,215

Key Resistance Level – $3,360

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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