Ethereum (ETH) Drops 5%; Will Buyers Save the $3.5K Vital Support?
- ETH kick-started a massive drop beneath the supports at $3,850 and $3,750.
- The altcoin’s price stands beneath #3.8K and 100hr SMA.
- ETH/USD hourly price chart flashes a vital bearish line emerging with resistance at $3,716 (Kraken data).
- Ethereum should maintain beyond $3,500 to prevent further short-term plummets.
Ethereum exhibits a bearish outlook under the support of $3,720. The altcoins tested the $3,600 level and struggled to recover to higher zones.
ETH Extends Fall
Ethereum could not maintain beyond the barriers at $3,889 and $3,851. The leading alternative coin extended its downward move, trading beneath $3,750 support. The pair faced a sharp drop under the $3,700 mark, and Ether’s price settled under the 100hr Simple Moving Average. The coin consolidates its losses after exploring the lower levels of $3,602. Meanwhile, the nearest resistance to the upward stood near $3,656.
The level is around 23.6% Fibonacci retracement of the latest crash from $3,828 to the low of $3,602. ETH’s following massive resistance locates around the $3,715 mark. Also, the ETH/USD one-hour chart shows a vital bearish trend-line emerging with resistance at $3,715. The trend-line is neat the 50% Fibonacci retracement zone of the latest downswing from $3,828 to $3,602. For now, the pair has to conquer the resistance at $3,715 for a decent price recovery.
With that, ETH can see its price rising to $3,850 or 100hr Simple Moving Average (SMA). Any further gains might send the altcoin higher to $4,000.
More Plunges in Ether?
Ethereum might continue dropping with failure to launch a new rally past $3,715. That way, it can secure the first support floor at $3,600 or the latest low. Nevertheless, Ether forms initial vital support around $3,550 and $3,500. Breaching these levels will subject bulls to massive pressure. In such a case, the altcoin might see a short-term crash to $3,200.
Nevertheless, ETH’s price movements will depend on the leading digital coin, Bitcoin. While publishing this blog, BTC traded around $47,049. Upward action from Bitcoin will help Ether maintain its critical levels, preparing for steady rallies.
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