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Why Could Ethereum Drop Below $3K, After Facing Rejection?

The price of Ethereum has risen above $3,200. Even the $3,250 barrier and the 100 hourly simple moving average were breached by ETH. The bulls, on the other hand, were unable to generate traction beyond $3,250.

Near $3,283, a new high was made, and the price began to fall. The support levels of $3,200 and $3,150 were breached. On the hourly chart of ETH/USD, there was also a breach below a strong bullish trend line with support near $3,140.

The pair finished below $3,100 and the hourly simple moving average of 100. It even fell below the $3,030 level of support. Near $3,005, a low has formed, and the price is now consolidating losses.

Near the $3,080 level, there is instant resistance. It’s around the 23.6 percent Fib retracement level of the latest drop from the swing high of $3,283 to the low of $3,005. Near the $3,120 level and the 100 hourly SMA is the first major barrier.

Source: TradingView.com

The biggest resistance is found near $3,150. It’s also the 50% Fib retracement level of the latest drop from the $3,283 swing high to the $3,005 low. A good close above $3,150 could signal the start of a new upward trend. In the above scenario, the price could rise above $3,220 and $3,250.

If ethereum does not begin a new uptrend over $3,120 or $3,150, it may continue to fall. On the downside, $3,030 serves as an initial support level.

Near the $3,000 level, the next big support is found. A breach below the $3,000 mark on the downside might bring the price down to $2,950. The next significant support is near the $2,800 level, below which a further loss is possible.

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