According to the Ethereum analysis of March 3; Ethereum failed to surpass $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 Continues to Decline
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.
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In the Ethereum analysis of March 3, according to the analyst; An 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.
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 towards 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 Are Technical Indicators Saying?
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
Main Resistance Level – $3,000
Note: You have come to the end of the Ethereum analysis of March 3. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.