• Home
  • Cryptocurrency
  • Ethereum (ETH) Price Analysis: A Bearish Pattern Creates, What Are The Key Levels? – March 3, 2022

Ethereum (ETH) Price Analysis: A Bearish Pattern Creates, What Are The Key Levels? – March 3, 2022

Ethereum failed to pass $3,050 and continued to decline
 Ethereum (ETH) Price Analysis: A Bearish Pattern Creates, What Are The Key Levels?  – March 3, 2022
READING NOW Ethereum (ETH) Price Analysis: A Bearish Pattern Creates, What Are The Key Levels? – March 3, 2022

Ethereum failed to exceed $3,050 and continued to decline. According to technical analysis by NewsBTC’s Aayush Jindal, it could test the $2,800 support zone in the near term.

Ethereum Continued to Decline

You can follow us on our Twitter and Telegram channel to be informed about the last minute developments.

Ethereum managed to surpass the $3,000 resistance level. However, it failed to gain momentum above the $3,040 level. A high was formed near $3,042 and it started a downside correction from there. There was a move below the $3,000 and $2,950 levels. Besides, there was a break below a key bullish trend line with support near $2,960 on the hourly chart of ETH/USD. The pair is trading below the 23.6% Fib retracement level of the recent wave from the $2,560 low to $3,042 high. It is now trading above $2,880 and the 100 hourly simple moving average.

Initial resistance is near the $2,930 level. The first major resistance is seen near the $2,950 and $2,960 levels. The main resistance is still near the $3,000 and $3,050 levels. A clear move above the $3,050 level could open the doors for a decent increase. In the stated case, it could rally towards the $3,120 or even $3,200 level.

Will It Drop More?

Jindal says that if Ethereum fails to start a fresh increase above the $2,950 level, it may continue to decline. An initial support on the downside is near the $2,880 level and the 100 hourly simple moving average.

The next major support is near the $2,840 level, below which the price could decline to the $2,800 support. This is close to the 50% Fib retracement level of the recent wave from the $2,560 low to $3,042 low. Any more losses could result in a move towards the $2,750 level in the near term.

What Do Technical Indicators Say?

  • Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
  • Hourly RSI – The RSI for ETH/USD is now below the 50 level.
  • Major Support Level – $2,880
  • Major Resistance Level – $3,000

Comments
Leave a Comment

Details
159 read
okunma46855
0 comments