{"id":13006,"date":"2022-04-06T22:59:48","date_gmt":"2022-04-06T22:59:48","guid":{"rendered":"http:\/\/egrowonline.com\/?p=13006"},"modified":"2022-04-06T22:59:48","modified_gmt":"2022-04-06T22:59:48","slug":"ethereum-traders-eye-the-61-8-fib-level-if-eth-fails-to-hold-the-3-2k-support","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=13006","title":{"rendered":"Ethereum traders eye the 61.8% Fib level if ETH fails to hold the $3.2K support"},"content":{"rendered":"


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The cryptocurrency market is nearly completely red on April 6 after\u00a0hawkish comments from multiple members<\/a> of the Federal Reserve highlighted their opinion that aggressively raising interest rates and cutting bond purchases would need to happen in order to combat inflation. Members did concede that this would result in negative pressure being placed on financial markets and this seems to be exactly what happened on April 6.\u00a0<\/p>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows that the downward move for Ether (ETH<\/a>) accelerated on April 6 and dropped the top altcoin to a low of $3,178 before the sell-off subsided and the price recovered to $3,200. <\/p>\n

ETH\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Here\u2019s what several analysts are saying about this latest pullback for Ether and what levels of support to keep an eye on in case of a further move to the downside. <\/p>\n

Ether could dip to $2,600<\/h2>\n

The outlook for Ether following a rejection of the monthly resistance at $3,400 was discussed by market analyst and pseudonymous Twitter user Rekt Capital, who posted<\/a> the following chart noting that if this were to happen, \u201cEther could revisit $3,000\u201d as indicated by the black line on the chart. <\/p>\n

ETH\/USD 1-month chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Rekt Capital said, <\/p>\n

\u201cBut September 2021 has shown that when black gets retested on a dip \u2014 downside wicks occur. So if Ether does dip to black, it could wick into the green higher low.\u201d<\/p><\/blockquote>\n

Based on the chart provided, this would result in a potential drop to $2,602. <\/p>\n

Will the $3,200 support hold?<\/h2>\n

A word of reassurance for concerned Ether holders was offered by crypto trader and pseudonymous Twitter user CryptoBatUSDT, who posted<\/a> the following chart highlighting a retest of an important support level. <\/p>\n

ETH\/USDT 6-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

CryptoBatUSDT said, <\/p>\n

\u201cThe market structure is still bullish, currently in both the Range (Eq) and a Swing Low (HL) zone. Unless this level is lost, I will look to open a long position in these regions.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>Bitcoin price drops to $43.5K, but data and BTC\u2019s market structure project strength<\/em><\/strong><\/a><\/p>\n

Price is still between the 200-MA and 200-EMA<\/h2>\n

Further insight into the support for Ethereum at this current price level was provided by crypto trader and pseudonymous Twitter user Don Yakka, who posted the following chart noting the importance of the 200-day moving average (MA) and exponential moving average (EMA). <\/p>\n

ETH\/USDT 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Don Yakka said, <\/p>\n

\u201cVery similar to BTC chart, the 200MA is resistance and the 200EMA is support, as long as 200EMA holds on [the] daily, I would not panic.\u201d<\/p><\/blockquote>\n

The overall cryptocurrency market cap now stands at $2.003 trillion and Bitcoin\u2019s dominance rate is 41.5%.<\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n


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The cryptocurrency market is nearly completely red on April 6 after\u00a0hawkish comments from multiple members of the Federal Reserve highlighted their opinion that aggressively raising interest rates and cutting bond purchases would need to happen in order to combat inflation. Members did concede that this would result in negative pressure being placed on financial markets […]<\/p>\n","protected":false},"author":1,"featured_media":13007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[3420,181,158,3893,755,7000,1003,664,216,180],"class_list":["post-13006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-32k","tag-eth","tag-ethereum","tag-eye","tag-fails","tag-fib","tag-hold","tag-level","tag-support","tag-traders"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/04\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvYjdmMmVhODMtODNlNy00MDhiLWFkMjMtOWEwMDY2NDE0MTI3LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13006"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13006\/revisions"}],"predecessor-version":[{"id":13008,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13006\/revisions\/13008"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/13007"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13006"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}