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Ethereum (ETH) Price Analysis: Keeps Falling, What Are The Key Levels? – April 7, 2022

Ethereum continued to decline below the $3,300 support zone
 Ethereum (ETH) Price Analysis: Keeps Falling, What Are The Key Levels?  – April 7, 2022
READING NOW Ethereum (ETH) Price Analysis: Keeps Falling, What Are The Key Levels? – April 7, 2022

Ethereum continued to decline below the $3,300 support zone. ETH price even traded below $3,200 and it could continue to decline, according to technical analysis by NewsBTC’s Aayush Jindal.

Ethereum Continues Lower

Ethereum started a massive decline below the $3,400 level and dropped as low as $3,143. ETH is currently trading above the $3,200 level.

An initial resistance is seen near the $3,240 level. This is close to the 23.6% Fib retracement level of the drop from the $3,548 low to $3,143 low. The next major resistance is near the $3,345 level. This coincides with the 50% Fib retracement level of the drop from the $3,548 high to $3,143 low. The main resistance is currently forming near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,425 on the hourly chart of ETH/USD.

$3,400 Significant

ETH could start a decent increase if it surpasses the $3,400 resistance zone. In the indicated case, the price could climb above the $3,450 zone. The next key hurdle seems to be near the $3,500 level.

Will Ethereum Drop?

Jindal says that if Ethereum fails to start a fresh increase above the $3,400 level, it may continue its decline. An initial support on the downside is near the $3,140 area. The next major support is near the $3,120 level. If there is a downside break below the $3,120 support, the price could gain bearish momentum. In the stated case, there is a risk of a move towards the $3,000 level.

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 – $3,120
  • Major Resistance – $3,400

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