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Ethereum Price Extends Losses, Can Bears Send ETH To $3,200?

March 19, 2024
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Ethereum value prolonged its decline under $3,500. ETH is displaying a number of bearish indicators and there may very well be a drop towards the $3,200 help zone.

Ethereum began a draw back correction under the $3,550 zone.
The value is buying and selling under $3,550 and the 100-hourly Easy Shifting Common.
There’s a main bearish development line forming with resistance at $3,520 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
The pair may resume its decline if it stays under the $3,520 and $3,550 resistance ranges.

Ethereum Value Breaks Help

Ethereum value began a draw back correction under the $3,720 and $3,650 ranges, like Bitcoin. ETH declined under the $3,550 help stage to maneuver additional in a short-term bearish zone.

Lastly, the value traded under the $3,420 help. A low was fashioned at $3,365 and the value is now consolidating losses. It’s displaying a number of bearish indicators under the 23.6% Fib retracement stage of the downward transfer from the $3,675 swing excessive to the $3,365 low.

Ethereum value is now buying and selling under $3,550 and the 100-hourly Easy Shifting Common. On the upside, instant resistance is close to the $3,440 stage. The primary main resistance is close to the $3,520 stage. There may be additionally a serious bearish development line forming with resistance at $3,520 on the hourly chart of ETH/USD.

The development line is near the 50% Fib retracement stage of the downward transfer from the $3,675 swing excessive to the $3,365 low. The subsequent main resistance is close to $3,600, above which the value may acquire bullish momentum.

Supply: ETHUSD on TradingView.com

Within the said case, Ether may rally towards the $3,650 stage. If there’s a transfer above the $3,650 resistance, Ethereum may even rise towards the $3,825 resistance. Any extra positive factors may name for a take a look at of $4,000.

Extra Downsides In ETH?

If Ethereum fails to clear the $3,520 resistance, it may proceed to maneuver down. Preliminary help on the draw back is close to the $3,365 stage.

The primary main help is close to the $3,320 zone. The subsequent key help may very well be the $3,250 zone. A transparent transfer under the $3,250 help may ship the value towards $3,200. Any extra losses may ship the value towards the $3,150 stage.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.

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

Main Help Stage – $3,365

Main Resistance Stage – $3,520

Disclaimer: The article is supplied for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use data supplied on this web site solely at your personal threat.



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Tags: BearsETHEthereumExtendslossesPriceSend
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