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Ethereum Price Drops Over 10% But Bulls Are Not Done Yet

March 6, 2024
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Ethereum value rallied towards $3,850 earlier than crashing. ETH adopted Bitcoin, however the bulls are actually lively close to the $3,350 assist zone.

Ethereum traded to a brand new multi-month excessive above $3,800 earlier than crashing.
The value is buying and selling close to $3,500 and the 100-hourly Easy Shifting Common.
There was a break beneath a key bullish pattern line with assist at $3,620 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
The pair may resume its enhance if it clears the $3,600 resistance zone.

Ethereum Value Takes Main Hit

Ethereum value prolonged its rally above the $3,650 stage, like Bitcoin. BTC surged and even traded to a brand new all-time excessive above $69,000. ETH additionally cleared the $3,800 stage earlier than the bears appeared.

There was a robust bearish response from the $3,827 excessive. The value crashed over $500 and traded towards the $3,200 assist. There was a break beneath a key bullish pattern line with assist at $3,620 on the hourly chart of ETH/USD.

A low was fashioned at $3,211 and the worth is now making an attempt a contemporary enhance. There was a transfer above the $3,500 stage. The value climbed above the 50% Fib retracement stage of the downward transfer from the $3,827 swing excessive to the $3,211 low. Ethereum is now buying and selling close to $3,500 and the 100-hourly Easy Shifting Common.

Fast resistance on the upside is close to the $3,550 stage. The primary main resistance is close to the $3,600 stage or the 61.8% Fib retracement stage of the downward transfer from the $3,827 swing excessive to the $3,211 low.

Supply: ETHUSD on TradingView.com

The following main resistance is close to $3,680, above which the worth may achieve bullish momentum.  The following cease for the bulls may very well be close to the $3,820 stage. If there’s a transfer above the $3,820 resistance, Ether may even rally towards the $3,950 resistance. Any extra good points may name for a check of $4,000.

Extra Losses In ETH?

If Ethereum fails to clear the $3,600 resistance, it may begin one other draw back correction. Preliminary assist on the draw back is close to the $3,440 stage.

The primary main assist is close to the $3,400 zone. The following key assist may very well be the $3,340 zone. A transparent transfer beneath the $3,340 assist may ship the worth towards $3,220. Any extra losses may ship the worth towards the $3,120 stage.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is shedding momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 stage.

Main Assist Stage – $3,400

Main Resistance Stage – $3,600

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use info offered on this web site completely at your individual threat.



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Tags: BullsDropsEthereumPrice
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