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Ethereum To See More Downtrend! ETH Price To Retest $2300 levels!

4 Mar, 20222 min readEthereum
Ethereum To See More Downtrend! ETH Price To Retest $2300 levels!

The price of Ethereum (ETH) continued to fall as the long-term downturn deepened. ETH started off lower but immediately recovered to test the session’s high of $2,972.07. The surge, however, faded out shortly, failing to break the crucial $2,900 barrier.

The price of Ethereum (ETH) is struggling to hold the crucial $3,000 barrier, having fallen more than 4% from its high on Wednesday. The recent price behavior indicates that bulls are not eager or interested in maintaining the asset’s upward momentum.

The previous session’s creation of a ‘Doji’ candlestick followed by red candlesticks is a beautiful bearish ‘Evening star’ pattern. When the price is in an uptrend but the rising impetus is fading or there is a lack of confidence among investors, the Evening star pattern is formed.

More Downside For Ethereum (ETH) ?

ETH Price started another decline and traded below the key $2,880 support zone. At $2,800 resistance level there is a bearish trend line forming on the hourly chart. An initial support on the downside is near the $2,700 level. The next major support is near the $2,675 level, below which the price might gain bearish momentum. In this case, the altcoin could even revisit the $2,550 support zone.

Likely we will see the Ethereum price decline even further over the next days, with the first obvious support level to watch located at $2,750. Overall, it seems like ETH price might then drop below its February lows of $2,300.

On the upside, once a higher low is set again, we expect ETH/USD to rally towards the next major resistance area at $3,200-$3,300. If this level is be broken, ETH Price could see a lot more upside over the next months.

The Daily Relative Strength Index (RSI) is currently trading at 50, indicating a negative trend. Any decrease in the indicator would result in the downward momentum continues. As for the MACD, despite hovering below the midline, the Moving Average Convergence Divergence (MACD) remains modestly optimistic.

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