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Home»EXCHANGE NEWS»If Ethereum price continues to fall below $3.5K, the upside bias becomes vulnerable.
EXCHANGE NEWS

If Ethereum price continues to fall below $3.5K, the upside bias becomes vulnerable.

By Crypto FlexsApril 30, 20243 Mins Read
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If Ethereum price continues to fall below .5K, the upside bias becomes vulnerable.
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Ethereum price struggled to recover above $3,350 and corrected its upward trend. ETH is consolidating near $3,200 and faces many obstacles.

  • Ethereum began another decline and tested the $3,120 area.
  • The price is trading below $3,220 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a short-term ascending channel with support at $3,170.
  • The pair could continue to fall if it trades below the $3,170 support.

Ethereum price faces an uphill climb

Ethereum price failed to settle above the $3,250 level and began another Bitcoin-like decline. ETH was trading below the $3,200 level and even surged below $3,120. The low was formed at $3,113 and the price is currently consolidating.

It increased slightly above the $3,200 level. The price recently broke the 23.6% Fib retracement level of the decline from the $3,355 swing high to the $3,113 low. However, the bears were actively trading near the $3,240 and $3,250 levels.

The 50% Fib retracement level, which recently fell from the $3,355 swing high to the $3,113 low, acted as a hurdle. There was a fresh decline below the $3,200 level. Ethereum is currently trading below $3,200 and the 100-hour simple moving average.

Additionally, a short-term upward channel has formed on the hourly chart of ETH/USD with support at $3,170. Immediate resistance is near the $3,200 level and the 100-hourly simple moving average.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,240 level. The next major resistance level is $3,300, above which the price may gain traction towards the $3,350 level. A close above the $3,350 resistance line may cause the price to head towards the $3,450 resistance line. Ethereum may test the $3,550 resistance level if there is a move above it. Further gains could lead Ether towards the $3,620 resistance zone.

Are there more downsides to ETH?

If Ethereum fails to clear the $3,250 resistance, it may continue to fall. Initial support on the downside is near the $3,170 level and channel area. The first major support is near the $3,120 area.

Key support is near the $3,070 level. A clear break below the $3,070 support could push the price towards $3,030. More losses could push the price towards the $2,880 level in the near term.

technical indicators

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

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

Key Support Level – $3,170

Key Resistance Level – $3,250

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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