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Ethereum Remains At Risk Of Another Drop To $3K: Price Analysis

Ethereum remains at risk of another drop to $3K as it struggles to climb higher thus it is moving lower and could drop further below this support zone as we can see more in our latest Ethereum news today.

Ethereum remains at risk and struggles to climb above $3500 against the US dollar and failed to clear the $3450 level thus starting a new decline. The price is now trading well below the $3400 and the 100 hourly simple moving average and there’s a major bearish trend line that formed with resistance close to $3400 on the hourly chart of ETH/USD. The pair could extend its decline if there’s a new break below the $3200 support zone. ETH struggled to clear the $3450 resistance and failed to stay above the 100 hourly simple emoving average but a new high was formed near $3450 and the price started a new decline similar to BTC. There was even a break below the $3350 and the $3250 support levels while ETH traded below the 50% fib retracement level of the upward move of $3148 swing low to $3450 high.

ethusd
Source ETHUSD on TradingView.com

It is now trading well below the $3400 and the 100 hourly simple moving average but there’s also a  major bearish trend line that is forming with the resistance near $3400 on the hourly chart of the pair. It is also now trading well below the $3400 on the 100 hourly simple moving average and the immediate resistance on the upside is nearing the $3320 level. The first major resistance is still near the $3380 level with a proper move above this level could propel the coin higher.

The next major resistance sits near $3500 but if ETH fails to continue higher above the $3400 resistance levels it could start a new downward move and the immediate support ont the downside is going to near the $3220 level. The 76.4% fib retracement level from the move of $3148 low to $3450 high is also near the $3220. a new downside break below these support levels could push the price further lower. A new downside break below the $3220 and the $3200 support levels could push the price even lower with the next major support forming near the $3150 zone below which ether’s price could revisit $3000.

eth daily
ETH 24-hour Price Chart (Source: Coingecko)

As recently reported, The average cost of a transaction on ETH is right now at $12.2 according to Etherscan. The fees paid for each transaction and mostly burned by the network can increase depending on the time of teh day because yesterday, the average transaction fee was $29 according to BitInfoCharts. This is a dramatic drop from averages of $59 on September 11 four days ago and the high of $59 was the highest level for a transaction on Ethereum from May 19 when the fee

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Author: Stefan

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