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

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.

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.

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