In recent weeks, the constant downfall and fanatic selling of many investors have reduced several cryptocurrencies to a biting pet for many.
Ethereum (ETH) – the second-biggest cryptocurrency is facing the same trajectory. After showing early signs of a rally, the Ethereum price has dropped below
According to the CoinMarketCap website, the price of Ethereum is currently $1282.97, and its 24-hour trading volume is $ $17,900,900,213.
Ethereum has decreased 7.14% during the past 24 hours. With a current market cap of $157,455,748,948, CoinMarketCap is ranked number two.
Info about the maximum supply isn’t available yet, and a total of 12,25,50,667 ETH coins are in circulation.
Ethereum Aspired to Higher Price
Over $1,260 was the support base that Ethereum was able to build. Like bitcoin, ETH grew steadily after crossing the $1,300 threshold.
In order to enter the positive territory, the price passed through the $1,330 and $1,350 resistance levels.
Additionally, a significant negative trend line with resistance around $1,342 was broken above on the ETH/USD hourly chart.
The pair is trading above this level as the negative trend from the swing high of $1,419 to the low of $1,219 on March 1 has now been retraced by 76.4% Fib.
The well-known cryptocurrency ether is currently trading above both $1,350 and the 100 hourly simple moving average. The price ran into the barrier between $1,395 and $1,400 on the upside.
$1,420 represented the next important barrier. A clear break over $1,420 might signify the beginning of a strong climb over the $1,465 level.
The decrease from the swing high of $1,419 to the low of $1,219 is near the 1.236 Fib extension level.
Any more gains would open the door for a move in the direction of the $1,500 level, following which the bulls might attempt to reach $1,580 in the upcoming sessions. However, as it turns out, these predictions didn’t pan out much because the ETH price punched below the resistance.
ETH Starts a Negative Trend
Ethereum started a negative trend if it is unable to pass the $1,400 barrier level. An initial support level on the downside was at $1,350.
The 100 hourly simple moving average and $1,320 serve as the next critical support. The price may decline if there is a downward break beneath $1,320.
The 100 hourly simple moving average and $1,320 serve as the next critical support. A break below $1,320 might cause the price to move closer to the $1,250 support in the near term.
The cost dropped to $1,200 if there are any more losses.
Cryptocurrencies like Ethereum (ETH) are searching for novel strategies to succeed and stay relevant in the cryptocurrency industry despite unfavorable market conditions.
As a result, enthusiasts will take tremendous measures to get and maintain rare coins.
The current bear market is a fantastic opportunity to buy cryptos, including the brand-new Tamadoge, at the lowest feasible price, given that most cryptocurrencies are declining.