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

The cryptocurrency market is almost utterly crimson on April 6 after hawkish feedback from a number of members of the Federal Reserve highlighted their opinion that aggressively elevating rates of interest and slicing bond purchases would wish to occur so as to fight inflation. Members did concede that this may lead to adverse strain being positioned on monetary markets and this appears to be precisely what occurred on April 6. 

Information from Cointelegraph Markets Professional and TradingView reveals that the downward transfer for Ether (ETH) accelerated on April 6 and dropped the prime altcoin to a low of $3,178 earlier than the sell-off subsided and the worth recovered to $3,200.

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ETH/USDT 1-day chart. Supply: TradingView

Right here’s what a number of analysts are saying about this newest pullback for Ether and what ranges of support to hold an eye on in case of an additional transfer to the draw back.

Ether might dip to $2,600

The outlook for Ether following a rejection of the month-to-month resistance at $3,400 was mentioned by market analyst and pseudonymous Twitter consumer Rekt Capital, who posted the following chart noting that if this had been to occur, “Ether might revisit $3,000” as indicated by the black line on the chart.

ETH/USD 1-month chart. Supply: Twitter

Rekt Capital mentioned,

“However September 2021 has proven that when black will get retested on a dip — draw back wicks happen. So if Ether does dip to black, it might wick into the inexperienced larger low.”

Based mostly on the chart offered, this may lead to a possible drop to $2,602.

Will the $3,200 support hold?

A phrase of reassurance for involved Ether holders was supplied by crypto dealer and pseudonymous Twitter consumer CryptoBatUSDT, who posted the following chart highlighting a retest of an essential support level.

ETH/USDT 6-hour chart. Supply: Twitter

CryptoBatUSDT mentioned,

“The market construction remains to be bullish, at present in each the Vary (Eq) and a Swing Low (HL) zone. Except this level is misplaced, I’ll look to open a protracted place in these areas.”

Associated: Bitcoin worth drops to $43.5K, however information and BTC’s market construction undertaking power

Value remains to be between the 200-MA and 200-EMA

Additional perception into the support for Ethereum at this present worth level was offered by crypto dealer and pseudonymous Twitter consumer Don Yakka, who posted the following chart noting the significance of the 200-day shifting common (MA) and exponential shifting common (EMA).

ETH/USDT 1-day chart. Supply: Twitter

Don Yakka mentioned,

“Very comparable to BTC chart, the 200MA is resistance and the 200EMA is support, so long as 200EMA holds on [the] every day, I might not panic.”

The general cryptocurrency market cap now stands at $2.003 trillion and Bitcoin’s dominance fee is 41.5%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Each funding and buying and selling transfer entails danger, you need to conduct your individual analysis when making a choice.

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