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Home»EXCHANGE NEWS»The reason why Ethereum price is lower and the pullback is not over yet
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The reason why Ethereum price is lower and the pullback is not over yet

By Crypto FlexsMarch 18, 20243 Mins Read
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The reason why Ethereum price is lower and the pullback is not over yet
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Ethereum price began a downward correction below $3,650. ETH has been trading below $3,500 and is currently showing significant near-term recovery.

  • Ethereum began a downward correction below the $3,700 area.
  • The price is trading below $3,700 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,660.
  • A break above the $3,750 resistance area could resume the advance.

Ethereum price falls

Ethereum price, like Bitcoin, began a downward correction below the $3,800 and $3,700 levels. ETH fell below the $3,650 support level and entered near-term bearish territory.

It even surged below the $3,500 support level. The lowest point was made at $3,414 and the price is currently recovering. There was a move above the $3,500 level. Ethereum moved down from the $4,084 swing high to the $3,414 low, crossing the 23.6% Fib retracement level.

Ethereum price is currently trading below $3,700 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $3,650 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline forming resistance at $3,660.

The first major resistance is near the $3,750 level or the 50% Fib retracement level for a downside move from the $4,084 swing high to the $3,414 low. The next major resistance level is near $3,830, above which the price could gain upward momentum.

Source: ETHUSD on TradingView.com

If specified, Ethereum could rise to the $3,925 level. Any move above the $3,925 resistance level could push Ethereum towards the $4,000 resistance level. A test of $4,080 may be needed for further gains.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,650 resistance, a new downtrend could begin. Initial support for the downside is near the $3,520 level.

The first major support is near the $3,500 area. The next major support could be the $3,420 zone. A clear move below the $3,420 support could lead the price towards $3,350. Any more losses could push the price down to the $3,250 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 – $3,500

Key Resistance Level – $3,650

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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