Ethereum has started a new downtrend under the support of $ 3,400. To avoid a deeper fall in the medium term, buyers should keep the price above the $ 3,150 support.
to the Report Ethereum failed to break the key resistance of $ 3,500 and, like Bitcoin, started a broad downtrend under the support of $ 3,400 and the 100-hour moving average (MA).
Ethereum initially fell below $ 3,320 and $ 3,250 support and then fell below $ 3,200 support, however, buyers were active in the $ 3,150 range and supported the price. The price floor has formed at the level of $ 3,156 in the last 24 hours and the market has entered the price stabilization phase.
The first price resistance is in the $ 3,230 range, near the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are adjusted based on Ethereum’s recent downtrend from $ 3,456 to $ 3,156.
The Fibonacci 50% correction level is also in the $ 3,320 range, taking into account the recent fall from $ 3,456 to the $ 3,156 floor. In addition, in the 1-hour Ethereum / Dollar market outlook, one key resistance line has formed at $ 3,360. A break above the $ 3,400 level could lead to a further price increase, and the $ 3,500 further will act as the next key price resistance.
If Ethereum does not continue to reach the resistance levels of $ 3,250 and $ 3,320, another downtrend in the market may begin. In the event of a downtrend, the nearest price support is at $ 3,180.
The next key support seems to be at the $ 3,150 level, and breaking this level could lead to a deeper price drop. The next key support is at the $ 3,000 level, and moving below this level could push the price to the $ 2,880 support level in the medium term.
The MACD is slowly falling out of the bearish range and the Relative Strength Index (RSI) is now below the 50 level.
As mentioned, $ 3,150 is key Ethereum support, and the $ 3,320 level serves as price resistance.