Fri, December 01, 2023

Ethereum Shifts Red Below $3.4K – What to Expect

Ethereum Shifts Red Below $3.4K - What to Expect

Ethereum struggled to gain momentum at resistance levels of $3,525 and $3,530. ETH reached the $3,525 level and started a significant decline. Price dropped below $3,450- $3,420 support level. There was also a move to the $3,400 level and 100 hours simply moving below the intermediate level. Eventually, a sharp drop was recorded to the level of $3300. The currency traded up to $3261 and is currently correcting the loss.

The recovery wave was recorded at more than $3,300. It broke the 23.6% Fib retracement level of the last drop to the low of $3,580 from $3,261. The price is now resisting close to $3,400. The next significant resistance is near the $3,420 level. This coincides with the recent 50% Fib return rate to a low of $3,580 to $3,261. The ETH/USD hourly chart also forms a significant downtrend line with resistance near $3460.

Losses in Ethereum – What to Expect

A decent increase could begin if the ether price clears the $3,450 resistance zone. In this case, the price may rise above the $3,500 zone. The following critical threshold is near the $3,525 level where bears can take a position.

A new drop could begin if Ethereum fails to start a further rise to the $3,420 level. Initial support on the minus side is close to the $3,300 zone. The next significant support is close to $3,250. If $3250 is below support, the price may be lower. In this case, there is a risk of moving to the $3,050 level. It is worth noting that Ethereum is the second-largest cryptocurrency in the world. Its value declined quite sharply after it increased.


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