Ethereum price analysis: ETH risks new losses as it dips below $3k

2 weeks ago 14
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ETH/USD broke lower, extending beneath $3k arsenic Bitcoin saw caller losses connected antagonistic marketplace sentiment

Ethereum has dipped beneath the captious enactment of the $3,000 request portion aft seeing a 5.5% downside successful the past 24 hours. The downturn for ETH came arsenic Bitcoin (BTC) besides pared caller gains with a 3% dip to trial prices astir $42,150.

The terms outlook for Ethereum suggests bears mightiness inactive propulsion prices lower, with a breakdown apt to spot ETH/USD scope lows of $2,650. On the different hand, an upside flip could diagnostic a regular adjacent supra $3,000 to unfastened up caller bids targeting highs of $3,500 successful the week.

Ethereum method outlook

The regular illustration shows ETH/USD is supra the 0.5 Fib retracement level arsenic bulls question caller momentum towards the captious $3,000 barrier. The 100 SMA ($2,763) offers an important buffer zone, indicating a regular adjacent supra an emerging rising trendline is possible.

In this case, the upside nonsubjective would beryllium to scope the 0.618 Fib level ($3,143) and past propulsion for the proviso portion adjacent the 50 SMA ($3,298). Turning this portion into a enactment level could spot an influx of bargain orders targeting $3,500 (a cardinal proviso reload portion presently recovered adjacent the 0.786 Fib level).

ETH/USD regular chart. Source: TradingView

The 4-hour illustration for Ethereum shows that ETH/USD is beneath the 50 and 100 elemental moving averages, with the sloping curves of the indicators suggesting further downward pressure. The RSI dipping beneath the equilibrium enactment besides adds to the imaginable for caller losses.

From a method constituent of view, buyers are apt to propulsion higher if they crook the country astir $2,871 into support. This is an country marked by the 0.5 Fibonacci retracement level of the macro determination from $1,717 to $4,025.

If ETH terms breaks little from here, it could spot caller declines towards different horizontal anchor enactment astir $2,763. If the terms falls further, the adjacent enactment could beryllium astatine 21 September 2021 lows astir $2,650.

ETH/USD 4-hour chart. Source: TradingView

According to method expert Michael van de Poppe, the correction beneath $3,000 for Ethereum suggests the 2021 outlook could reflector the terms trajectory of 2017. In this case, ETH is inactive bullish agelong word adjacent with a imaginable hold of the downside. 

Check retired our however to bargain Ethereum leafage here

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