Ethereum Struggles below the $3,200 Resistance, Risks Further Downward Move

Ethereum faces rejection at the $3,200 high
ETH/USD is in a bearish momentum

Ethereum ETH) Current Statistics
The current price: $3,147.55
Market Capitalization: $378,388,824,655
Trading Volume: $9,265,166,373
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis March 27, 2022
Ethereum’s (ETH) price is still trading in the bullish trend zone as the crypto risks further downward move. Since March 25, the altcoin rallied and retested the $3,200 resistance zone but failed to break the recent high. On the upside, if the bulls break the recent high, Ether will rally to the high of $3,800. On the other hand, ETH/USD will decline if it faces rejection at the recent high. The largest altcoin is trading in the overbought region as the altcoin faces rejection at the recent high. The altcoin is retracing and may decline to the previous low at $2,819. The uptrend will resume if price retraces and hold above the moving averages. The downtrend will resume if the bears break below the moving average.

ETH Technical Indicators Reading
Ether is at level 65 of the Relative Strength Index for period 14. The largest cryptocurrency is approaching the overbought. Meanwhile, Ether retracing as it faces rejection from the recent high. The 50-day line and 21-day line are sloping upward indicating the uptrend. Ether is below the 80% range of the daily stochastic. The market is in a bearish momentum.

Conclusion
On the 4-hour chart, Ethereum is in a downtrend as it risks further downward move. The altcoin is facing rejection at the recent high. The crypto’s price is hovering above the $3,100 support. Meanwhile, on March 25 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH will fall to level 2.0 Fibonacci extension or $2,980.18.

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