ETHEREUM (Technical Analysis) ✅
#Ethereum fell sharply as $ 3,200 support collapsed; It was traded at the lowest price level of $ 2,807 and is now trying to return.
#ETH started a big drop from the $ 3,500 resistance range. As a result, many important support levels, including $ 3,300, collapsed and the price completely fell short of the 100-hour moving average.
With the $ 3,200 support collapsing, the bears revived and went on to crush the $ 3,000 support.
Eventually, their $ 3,000 support collapsed and the $ 2,807 floor was reached.
ETH has since entered a bullish correction, with resistance levels at $ 2,920 and $ 2,950 re-conquered so far.
Meanwhile, the 23.6% Fibonacci retracement level of the recent fall has been reversed from the $ 3,455 ceiling to the $ 2,807 floor. The nearest resistance level above is considered to be around $ 3,020. The ETH/USD pair's hourly chart also shows a downtrend with resistance around $ 3,020.
Climbing and closing Kendall above $ 3,020 will probably be a good start for a bullish move. The next resistance level is expected at around $ 3,130, where the Fibonacci 50% level has fallen. Climbing to the top will provide an opportunity for an integrated ascent. The next significant resistance is in the $ 3,300 range.
If ETH is not able to climb above the resistance level of $ 3,020, the fall will probably be more severe. In this case, the nearest downstream support level is around $ 2,960.
The first strong support level is apparently forming in the $ 2,900 range. As it collapses, it is likely to fall to $ 2,750 support. With its loss, Ethereum will take refuge in the $ 2,640 support range.
#ETH started a big drop from the $ 3,500 resistance range. As a result, many important support levels, including $ 3,300, collapsed and the price completely fell short of the 100-hour moving average.
With the $ 3,200 support collapsing, the bears revived and went on to crush the $ 3,000 support.
Eventually, their $ 3,000 support collapsed and the $ 2,807 floor was reached.
ETH has since entered a bullish correction, with resistance levels at $ 2,920 and $ 2,950 re-conquered so far.
Meanwhile, the 23.6% Fibonacci retracement level of the recent fall has been reversed from the $ 3,455 ceiling to the $ 2,807 floor. The nearest resistance level above is considered to be around $ 3,020. The ETH/USD pair's hourly chart also shows a downtrend with resistance around $ 3,020.
Climbing and closing Kendall above $ 3,020 will probably be a good start for a bullish move. The next resistance level is expected at around $ 3,130, where the Fibonacci 50% level has fallen. Climbing to the top will provide an opportunity for an integrated ascent. The next significant resistance is in the $ 3,300 range.
If ETH is not able to climb above the resistance level of $ 3,020, the fall will probably be more severe. In this case, the nearest downstream support level is around $ 2,960.
The first strong support level is apparently forming in the $ 2,900 range. As it collapses, it is likely to fall to $ 2,750 support. With its loss, Ethereum will take refuge in the $ 2,640 support range.
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