Ethereum Declines From $3,000 Resistance Zone, It May Find Support at $2,800

Updated:

Ethereum reaches the high of $2,986
ETH/USD resumes bearish momentum

Ethereum ETH) Current Statistics
The current price: $2,856.88
Market Capitalization: $342,938,659,273
Trading Volume: $12,412,588,483
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis March 20, 2022
Ethereum’s (ETH) price has broken above the moving averages as it may find support at $2,800. The altcoin fell as it has been overbought since March 15. Presently, it has been retracing from the $3,000 resistance zone. The market may retrace to the support above $2,798. In other words, if Ether retraces above the moving averages, a fresh uptrend will resume. However, if the market declines below the moving averages, the downtrend will resume.

Ethereum Declines From $3,000 Resistance Zone; It May Find Support at $2,800
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 54 of the Relative Strength Index for period 14 . The largest cryptocurrency is in the bullish trend zone and capable of a further upward move. However, it is currently retracing as it reaches an overbought region. Ether is below the 40% range of the daily stochastic. The market is in a bearish momentum.

Conclusion
On the 4-hour chart, Ethereum has resumed an uptrend as it may find support at $2,800. The uptrend was terminated at the $3,000 resistance zone. Meanwhile, on March 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will rise to level 1.272 Fibonacci extension or $2,911.04.The market has reached level 1.272 Fibonacci extension and it is retracing to the downside. It will retrace and find support above $2,798.

Ethereum Declines From $3,000 Resistance Zone; It May Find Support at $2,800
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.