Ethereum Saves Itself Above $3,200 Support, But Risks Further Decline

Ethereum Saves Itself Above $3,200 Support, But Risks Further Decline

The price of Ethereum (ETH) has fallen as the largest altcoin failed to maintain bullish momentum above the $3,400 resistance level.

Ethereum price long-term analysis: bullish

Buyers broke through the $3,400 resistance on March 29, when the price reached the high of $3,482. Bulls failed to sustain the bullish momentum as the market reaches the overbought zone. Today, Ether fell to the low of $3,214 as bulls bought the dips. Ether has found support above the previous resistance level at $3,200. The largest altcoin will continue its uptrend if the current support holds. Ethereum will rise and regain the previous highs of $3,400. However, if the price falls below the $3,200 support, the market will continue to fall to the low of $3,047. ETHAt press time, ETH/USD is trading at $3,282.

Ethereum indicator analysis 

Ether has fallen to level 64 on the Relative Strength Index for period 14. The altcoin is in the uptrend zone despite the retracement. Further upward movement of the cryptocurrency is likely. The price of the cryptocurrency has pulled back above the uptrend line. The uptrend will continue if the price retests the trend line and bounces above it. On the other hand, if the price falls below the trend line, the selling pressure will increase again. Ether is above the 25% area of the Stochastic on the daily chart. This indicates that Ether has developed bullish momentum again. 

Ethereum Saves Itself Above $3,200 Support, But Risks Further Decline

Technical indicators:  

Major Resistance Levels – $4,500 and $5,000

Major Support Levels – $3.500 and $3,000

What is the next direction for Ethereum? 

Ethereum is in a downtrend as the price has fallen below the moving averages. Selling pressure has eased as the price has found support above $3,200. Meanwhile, on March 30, the downtrend; a declining candlestick tested the 50% Fibonacci retracement level. The retracement suggests that ETH will fall to the 2.0 Fibonacci extension level or $3,180.45.

Ethereum Saves Itself Above $3,200 Support, But Risks Further Decline

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *