The price of ether increased above $3,300. ETH has began a precipitous fall below $3,300 after testing the $3,350 resistance.
Price of Ethereum Reduces Gains
The price of Ethereum began to rise sharply above $3,200. ETH exceeded Bitcoin in performance and even broke through the $3,300 barrier. But the $3,350 mark was where the bears were active.
At $3,355, a high was made, and the price began a new downward trend. The price dropped sharply below the $3,300 mark. The price dropped below the $3,070 swing low to the $3,355 high 50% Fib retracement level of the upward run.
On the hourly chart of ETH/USD, there was also a breach below a significant bullish trend line that had support at $3,250. The 100-hourly Simple Moving Average and $3,220 are currently being traded below by Ethereum.
But the $3,165 support and the 61.8% Fib retracement level of the upward run from the $3,070 swing low to the $3,355 high are where the bulls are active. The 100-hourly Simple Moving Average and the $3,210 level are close to the immediate resistance.
The $3,250 mark represents the first significant resistance. The price may find momentum and move up toward the $3,465 mark if it breaks above the next significant resistance level, which is $3,350. The price may move toward the $3,550 resistance if it closes over the $3,465 resistance. If Ether continues to rise, it may approach the $3,750 resistance level.
Further Drawbacks for ETH?
Ethereum may continue to decline if it is unable to overcome the $3,210 barrier. Near the $3,180 mark is where initial downside support is located. The $3,165 region is the first significant area of assistance.
The $3,070 mark is the primary support. The price might move toward $3,030 and accelerate further losses if there is a clear move below the $3,070 support level. If there are any additional losses, the price may soon move in the direction of $2,880.
April 2024, Cryptoniteuae
