Ethereum Resumes a Downward Move, Faces Rejection at $3,000

Updated:

Ethereum has fallen to $2,576 support
ETH/USD is in a downward correction

Ethereum ETH) Current Statistics
The current price: $2,628.50
Market Capitalization: $315,022,664,053
Trading Volume:$7,758,915,810
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis March 6 , 2022
Ethereum’s (ETH) price is in a downtrend as it faces rejection at $3,000. For the past 48 hours, Ether has been consolidating above the current support. On February 28, the bulls attempted to keep Ether’s price above the moving averages but were resisted at $3,000. On the upside, if the current support holds, the largest altcoin will rise to retest the $3,000 resistance level. Conversely, if the bears have the upper hand and break below the $2,576 support, the altcoin will further decline to the low of $2,306.

Ethereum Resumes a Downward Move, Faces Rejection at $3,000
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 43 of the Relative Strength Index for period 14. Ether is in the downtrend zone and below the centerline 50. It is capable of a further downward move. Ether is below the 50% range of the daily stochastic. The market is in bearish momentum. The crypto’s price is below the moving averages indicating a possible fall.

Conclusion
On the 4-hour chart, Ethereum is in a downward correction as it faces rejection at $3,000. The altcoin has earlier reversed after the January 24 price slump. Meanwhile, on January 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ether will fall but reverse at level 1.272 Fibonacci extension or $2,451. From the price action, Ether has been fluctuating above the 1.272 Fibonacci extension.

Ethereum Resumes a Downward Move, Faces Rejection at $3,000
ETH/USD – Daily 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.