Ethereum Breaks below the $3,000 Crucial Support, Targets $2,750 Low

Updated:

Ether loses the $3,000 support
Ether has resumed selling pressure

Ethereum ETH) Current Statistics
The current price: $2,946.30
Market Capitalization: $354,977,240,842
Trading Volume: $9,393,865,006
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis April 24, 2022
Ethereum’s (ETH) price is in a downtrend as it targets $2,750 Low. Ether declines to the low of $2,960.97 as the altcoin resumes upward. The altcoin is capable of a further downward move as it breaks below the moving averages. Meanwhile, on April 11 downtrend, A retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.618 Fibonacci extension or $2,750.53.

Ethereum Breaks below the $3,000 Crucial Support, Targets $2,750 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The largest altcoin is at level 43 of the Relative Strength Index for period 14. The market is in the downtrend zone and below the centerline 50. Ether is capable of further downward move in the downtrend zone. The crypto’s price bars are below the moving averages indicating a further downward movement of the cryptocurrency. The 21-day line and 50-day line SMAs are sloping downward indicating the downtrend.

Conclusion
Ethereum is in a downward move as it targets $2,750 Low. The largest cryptocurrency faces rejection twice at the $3,160 resistance as price breaks below the moving averages. Meanwhile, on April 21 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall but reverse at level 1.272 Fibonacci extension or $2,879.70.

Ethereum Breaks below the $3,000 Crucial Support, Targets $2,750 Low
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.