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Home»EXCHANGE NEWS»Ethereum price falls more than 10%, but the uptrend is not over yet
EXCHANGE NEWS

Ethereum price falls more than 10%, but the uptrend is not over yet

By Crypto FlexsMarch 6, 20243 Mins Read
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Ethereum price falls more than 10%, but the uptrend is not over yet
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Ethereum price rebounded to $3,850 before plummeting. ETH followed Bitcoin, but the bulls are currently active near the $3,350 support zone.

  • Ethereum traded at a new multi-month high above $3,800 before crashing.
  • The price is trading near $3,500 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $3,620.
  • A break above the $3,600 resistance area could resume the advance.

Ethereum price took a huge hit.

Ethereum price, like Bitcoin, continued its upward trend above the $3,650 level. BTC surged to a new all-time high above $69,000. ETH also cleared the $3,800 level before a downtrend emerged.

There was a strong bearish reaction at the $3,827 high. The price plunged more than $500 to trade towards the $3,200 support level. On the hourly chart of ETH/USD, a break has occurred below the main bullish trendline supporting $3,620.

The lowest point was made at $3,211 and the price is currently attempting a new rise. There was a move above the $3,500 level. The price crossed the 50% Fib retracement level moving down from the $3,827 swing high to the $3,211 low. Ethereum is currently trading near $3,500 and the 100-hour simple moving average.

Immediate upside resistance is near the $3,550 level. The first major resistance is near the $3,600 level or the 61.8% Fib retracement level for a downside move from the $3,827 swing high to the $3,211 low.

Source: ETHUSD on TradingView.com

The next major resistance level is near $3,680, above which the price could gain upward momentum. The next stop for the bulls could be near the $3,820 level. A move above the $3,820 resistance may cause Ethereum to rebound towards the $3,950 resistance. You may need to test $4,000 to get more profits.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,600 resistance, another downward correction could begin. Initial support for the downside is near the $3,440 level.

The first major support is near the $3,400 area. The next major support could be the $3,340 zone. A clear move below the $3,340 support could lead the price towards $3,220. Any more losses could push the price down to the $3,120 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 – $3,400

Key Resistance Level – $3,600

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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