According to the Ethereum analysis of April 1; Ethereum started a fresh decline from the $3,450 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, it needs to stay above $3,200 to start a fresh upward move.
Ethereum Continues to Find Support
Ethereum failed to gain bullish momentum above the $3,450 resistance zone. It formed a top near $3,446 and the price started a fresh decline. There was a move below the $3,350 support area and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD. ETH price is now trading below $3,300 and the 100 hourly simple moving average.
It even declined below the $3,250 level and formed a low near $3,215. The price is now consolidating gains above the $3,200 level.
In the Ethereum analysis of April 1, according to the analyst; The next major resistance is near the $3,300 level. Ether price must surpass the $3,300 resistance to start a fresh surge. In this case, the price could even surpass the 50% Fib retracement level of the decline from the $3,350 or $3,446 low to $3,215 low. The bulls’ next big stop on the upside could perhaps be $3,450.
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Will Ethereum Drop More?
Jindal says that if Ethereum fails to start a fresh increase above the $3,300 level, it may continue to move lower. An initial support on the downside is near the $3,240 zone. The next major support is near the $3,220 level. The main support is near the $3,200 zone. A downside break below the $3,200 support zone could lead to a sharp decline. In the stated case, there is a risk of a move towards the $3,050 level.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is now below the 50 level.
- Major Support Level – $3,200
- Main Resistance Level – $3,350
Note: You have come to the end of the Ethereum analysis of April 1. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.