Ethereum traders eye the 61.8% Fib level if ETH fails to hold the $3.2K support

Cointelegraph Markets Pro and TradingView data reveal that Ether (ETH), the leading altcoin, was up to $3,178 on April 6. The sell-off decreased and the cost recovered back to $3,200.

The rate of Ether could drop to $2,600.

ETH/USD 1-month chart. Source: Twitter.

Market analyst Rekt Capital posted the following chart, keeping in mind that Ether could re-enter $3,000 if it were to stop working the month-to-month resistance at $3,000.

Below are the views of several analysts on Ethers newest pullback. We have a list of levels of support that you must be keeping track of in case Ether moves further to the downside.

Rekt Capital stated,.

This chart shows that there could be a drop of approximately $2,602.

ETH/USDT 1-day chart. Source: TradingView

” But September 2021 has demonstrated that when black is retested on dips– drawback wicks happen.” It may wick to the greener lower low if Ether dips to black.

After hawkish remarks by a number of Federal Reserve members, the cryptocurrency market has actually turned nearly entirely red considering that April 6. Members acknowledged that this would put negative pressure on the financial markets.

Is the $3,200 support still legitimate?

The 200-MA and 200 EMA cost ranges are still in place.

Related: Bitcoin Price Drops to $43.5 K but Data and BTCs Market Structure Project Strength.

Don Yakka said,.

com. You should do your research study prior to making any financial investment or trading decision.
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The total cryptocurrency market is now worth $2.003 trillion, and Bitcoins dominance rate of 41.5%.

After hawkish comments by a number of Federal Reserve members, the cryptocurrency market has actually turned almost totally red because April 6. Members acknowledged that this would put negative pressure on the financial markets. This seems to have been exactly what occurred April 6.

” The market structure remains bullish.” Very similar to BTC Chart, the 200MA represents resistance, and the 200EMA assistance.

Don Yakka (crypto trader, pseudonymous Twitter User) supplied additional insight into Ethereums support at the current cost level. He published the following chart which noted the value of the 200-day moving mean (MA), and rapid moving mean (EMA).

CryptoBatUSDT stated,.

ETH/USDT 6-hour chart. Source: Twitter.

” The market structure stays bullish. Presently, it is in the Range (Eq), and Swing Low (HL). zones. I will be looking to open a long-lasting position in these locations if this level is not lost.

ETH/USDT 1-day chart. Source: Twitter.

Crypto trader and pseudonymous user CryptoBatUSDT published this chart, which highlights a retest at an important support level.

” Very comparable to BTC Chart, the 200MA represents resistance, and the 200EMA support., I would not stress.”.

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