Why Ethereum Has To Break Through $2,650 In Order To Restore Aspirations Of A New Rally

2022-03-14 | Selina Mathew

Why Ethereum Has To Break Through $2,650 In Order To Restore Aspirations Of A New Rally

Ethereum's Price Is Facing Difficulties

Ethereum has begun a new drop from the $2,625 level. ETH moved into the red zone after trading underneath the $2,550 as well as $2,525 support levels.

The price actually fell under $2,500 before settling underneath the 100 hourly simple moving average. The price of ether has lately risen dramatically after falling as far as $2,486. The price broke through the $2,525 as well as $2,550 resistance levels.

The bulls pushed the price over the 50% Fib retracement mark of the latest drop from the $2,624 surge peak to the $2,486 low. It is currently encountering resistance at the $2,580 level.

On the hourly chart of ETH/USD, a significant negative trend line is developing with resistance around $2,580.

The trend pattern is approaching to the 61.8 percent Fib retracement level of the current slide from the pendulum high of $2,624 to the low of $2,486.

The first significant barrier is found at $2,625 level. The following significant stumbling block is located at $2,650. A closing over the $2,650 resistance level might signal the beginning of a continuous rise. In the aforementioned scenario, the price may jump to $2,750.

ETH

ETH/USD PRICE CHART - COINMARKETCAP.COM

A New Drop-in ETH?

If Ethereum refuses to break through the $2,625 barrier, it may begin a new drop. On the negative, an appropriate support level is at $2,550.

The next significant support is around $2,500. A closing underneath the $2,500 support level might drop the price as low as $2,480.

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