According to the Ethereum analysis of March 7; Ethereum declined below the $2,650 support zone. ETH price is struggling and there is a risk of a move below $2,500, according to technical analysis by NewsBTC’s Aayush Jindal.
Ethereum Keeps Falling
Ethereum started a decline and traded below the key $2,650 support zone. ETH tested the $2,500 support and settled below the 100 hourly simple moving average. Having made a local bottom around $2,508, ETH is now consolidating losses.
In the Ethereum analysis of March 7, according to the analyst; The first resistance is near the $2,550 level. This is close to the 23.6% Fib retracement level of the low from the $2,684 low to $2,508 low. The first major resistance is seen near the $2,600 level. This is close to the 50% Fib retracement level of the recent decline from the $2,684 high to $2,508 high. There is also a connecting bearish trend line forming with resistance near $2,620 on the hourly chart of ETH/USD. The next major resistance could be near the $2,650 level and the 100 hourly simple moving average. Any further gains could lead the price towards the $2,800 resistance zone in the near term.
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Will Ethereum Drop?
If Jindal fails to start a fresh increase above the $2,650 level, it could continue its decline. An initial support on the downside is near the $2,510 level. The next major support is near the $2,500 level, where the price could gain bearish momentum. In the indicated case, ETH could revisit the $2,400 support zone. More losses may require a move towards the $2,300 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 currently below the 40 level.
- Major Support Level – $2,500
- Main Resistance Level – $2,650
Note: You have come to the end of the Ethereum analysis of March 7. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.