Ethereum traders eye the 61.8% Fib level if ETH fails to hold the $3.2K support

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The cryptocurrency market is almost utterly pink on April 6 after hawkish comments from multiple members of the Federal Reserve highlighted their opinion that aggressively elevating rates of interest and chopping bond purchases would want to occur to be able to fight inflation. Members did concede that this is able to end in destructive stress being positioned on monetary markets and this appears to be precisely what occurred on April 6. 

Information from Cointelegraph Markets Pro and TradingView exhibits that the downward transfer for Ether (ETH) accelerated on April 6 and dropped the highest altcoin to a low of $3,178 earlier than the sell-off subsided and the value recovered to $3,200.

ETH/USDT 1-day chart. Supply: TradingView

Right here’s what a number of analysts are saying about this newest pullback for Ether and what ranges of assist to keep watch over in case of an extra transfer to the draw back.

Ether may dip to $2,600

The outlook for Ether following a rejection of the month-to-month resistance at $3,400 was mentioned by market analyst and pseudonymous Twitter consumer Rekt Capital, who posted the next chart noting that if this have been to occur, “Ether may revisit $3,000” as indicated by the black line on the chart.

ETH/USD 1-month chart. Supply: Twitter

Rekt Capital stated,

“However September 2021 has proven that when black will get retested on a dip — draw back wicks happen. So if Ether does dip to black, it may wick into the inexperienced increased low.”

Based mostly on the chart supplied, this is able to end in a possible drop to $2,602.

Will the $3,200 assist maintain?

A phrase of reassurance for involved Ether holders was supplied by crypto dealer and pseudonymous Twitter consumer CryptoBatUSDT, who posted the next chart highlighting a retest of an necessary assist degree.

ETH/USDT 6-hour chart. Supply: Twitter

CryptoBatUSDT stated,

“The market construction remains to be bullish, at the moment in each the Vary (Eq) and a Swing Low (HL) zone. Except this degree is misplaced, I’ll look to open a protracted place in these areas.”

Associated: Bitcoin price drops to $43.5K, but data and BTC’s market structure project strength

Value remains to be between the 200-MA and 200-EMA

Additional perception into the assist for Ethereum at this present worth degree was supplied by crypto dealer and pseudonymous Twitter consumer Don Yakka, who posted the next chart noting the significance of the 200-day shifting common (MA) and exponential shifting common (EMA).

ETH/USDT 1-day chart. Supply: Twitter

Don Yakka stated,

“Similar to BTC chart, the 200MA is resistance and the 200EMA is assist, so long as 200EMA holds on [the] every day, I’d not panic.”

The general cryptocurrency market cap now stands at $2.003 trillion and Bitcoin’s dominance fee is 41.5%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it’s best to conduct your individual analysis when making a call.