Ethereum Falls from Recent High as It Revisits the $3,000 Low

Ethereum (ETH) Current Statistics
The current price: $3,342.04
Market Capitalization: $401,978,202,486
Trading Volume: $18,634,124,109
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis April 2, 2024
Ethereum’s (ETH) price has fallen below the moving average lines as it revisits the $3,000 low. On March 31, 2024, buyers tried to keep the price above the 21-day SMA but were stopped by the $3,700 resistance level. If purchasers had been successful, the biggest altcoin would have recovered to its earlier high of $4,100.

However, the cryptocurrency’s price has gone below the moving average lines and may continue to plummet to the prior lows. On the downside, Ether will test its prior bottom above the $3,063 support. In the meantime, Ether is currently valued at $3,338.

ETH Technical Indicators Reading
Ether’s price bars have dropped below the moving average lines. This points to a likely drop in the cryptocurrency. Ether’s 4-hour chart shows a bearish crossover as the 21-day SMA crosses below the 50-day SMA. It indicates a fall in the coin.

Conclusion
Ethereum price fails to break above the 21-day SMA barrier line as it revisits the $3,000 low. The price indication anticipated a further decrease in Ethereum. Following the April 1 fall, the altcoin reversed upward, with the candle body testing the 61.8% Fibonacci retracement.

The correction predicts that Ether will fall to the 1.618 Fibonacci extension, or $3,272.50.In the meantime, the cryptocurrency signal remains bearish.

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