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Home»EXCHANGE NEWS»Ethereum price falling support, another opportunity to load ETH?
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Ethereum price falling support, another opportunity to load ETH?

By Crypto FlexsApril 2, 20243 Mins Read
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Ethereum price falling support, another opportunity to load ETH?
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Ethereum price faced rejection and fell from the $3,650 range. ETH has retested the $3,320 support and may begin a further hike.

  • Ethereum began another decline and was trading below the $3,500 support zone.
  • The price is trading below $3,500 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $3,420.
  • If it settles above the $3,450 resistance zone, it could gain bullish momentum.

Ethereum price falls again

Ethereum price has struggled to continue rising above the $3,650 resistance level. ETH faced a rejection and, like Bitcoin, began a new downtrend below the $3,550 level.

There was a sharp decline below the $3,500 and $3,450 levels. Finally, the $3,320 support area was retested. The lowest point was made at $3,324 and the price is currently recovering. There was a move above the $3,360 level. Ethereum is currently trading below $3,500 and the 100-hour simple moving average.

On the other hand, immediate resistance is close to the $3,400 level. This is close to the 23.6% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low.

The first major resistance is near the $3,420 level and the trend line. The next major resistance is at $3,450, above which the price could test the 50% Fib retracement level for a downward move from the $3,654 swing high to the $3,324 low.

The next major resistance is seen near the $3,520 level and the 100-hourly simple moving average, above which Ether could gain bullish momentum. If stated, the price could rise towards the $3,650 barrier.

Source: ETHUSD on TradingView.com

If there is a move above the $3,650 resistance level, Ethereum may move higher towards the $3,720 resistance level. A test of $3,880 may be needed for further gains.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,420 resistance, it may continue to fall. Initial support for the downside is near the $3,320 level.

The first major support is near the $3,250 area. The next major support could be the $3,220 zone. A clear move below the $3,220 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 losing momentum in bearish territory.

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

Key Support Level – $3,320

Key Resistance Level – $3,420

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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