Ethereum Price Plummets: Potential Recovery Hindered by Bearish Pressure

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	367,021,173,613	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

367,021,173,613

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	68.60	2.30%	3,049.97	3,049.97	3,050.01

Price Change

Price Change %

Current Price

Bid Price

Offer

68.60

2.30%

3,049.97

3,050.01

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,066.88	2,955.67	2,980.52	2,981.37	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,066.88

2,955.67

2,980.52

2,981.37

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:57:09	0.00000001	3,049.97	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:57:09

0.00000001

3,049.97

USD

Price x Volume	Volume	Base Symbol	Related Pairs
137,255,485.12	45,658.14	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

137,255,485.12

45,658.14

Ethereum Price Plummets: Potential Recovery Hindered by Bearish Pressure

04/07/2024 4:28am

NEWSBTC

Ethereum price failed to clear the $3,520 zone and started a fresh decline. ETH dived below the $3,250 support and even tested the $3,150 zone. Ethereum started a fresh decline below the $3,320 and $3,250 levels. The price is trading below $3,250 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct losses, but upsides might be limited above the $3,320 zone. Ethereum Price Takes Hit Ethereum price failed to continue higher above the $3,450 and $3,420 resistance levels. ETH started another decline below the $3,320 support zone like Bitcoin. There was a move below the $3,250 and $3,220 support levels. The price declined 5% and even tested the $3,150 support. A low was formed at $3,156 and the price is now consolidating losses. There was a move above the $3,200 resistance level. The price is now testing the 23.6% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low. Ethereum is trading below $3,300 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price might face resistance near the $3,250 level. The first major resistance is near the $3,300 level or the 50% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low. There is also a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD. The next major hurdle is near the $3,365 level. A close above the $3,365 level might send Ether toward the $3,450 resistance. The next key resistance is near $3,500. An upside break above the $3,500 resistance might send the price higher. Any more gains could send Ether toward the $3,550 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,320 resistance, it could continue to move down. Initial support on the downside is near $3,200. The first major support sits near the $3,150 zone. A clear move below the $3,150 support might push the price toward $3,080. Any more losses might send the price toward the $3,050 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,150 Major Resistance Level – $3,320

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ETHUSD Ethereum