Ethereum Falls as It Aims for the Breakout Level of $1,352

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Ethereum ETH) Current Statistics
The current price: $1,429.87
Market Capitalization: $174,882,732,176
Trading Volume: $10,188,490,133
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis March 10, 2023
The price of Ethereum (ETH) is falling below the moving average lines as it aims for the breakout level of $1,352. The coin has dropped below the $1,500 level, reaching a low of $1,424. As the price falls below the moving average lines and the $1,500 support level, the selling pressure is likely to increase. This current drop is aiming for the previous breakout level of $1,352. Meanwhile, on February 25, ETH experienced an upward correction, with the candle body testing the 38.2% Fibonacci retracement level. According to the correction, ETH will fall to level 2.618 Fibonacci extension, or $1,306.16.

ETH Technical Indicators Reading
Ether has dropped significantly as it approaches the Relative Strength Index’s oversold region at level 30 for period 14. The price bars are now below the moving average lines, hastening the current decline. Ether is already oversold, according to the Fibonacci tool. The selling pressure will be relieved.

Conclusion
Ethereum is in a downward trend as it aims for a breakout level of $1,352. Before the current decline, the altcoin consolidated above the $1,500 support on March 3. The market is expected to fall to the next support level of $1,300.

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