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Why Ethereum Could Extend Losses As It Approaches Make-or-Break Levels

Ethereum made an effort to break above the $3,200 resistance zone on the upside. ETH, on the other hand, was unable to gain traction and created a short-term top near $3,196.

The price of Ethereum has retraced its gains and is now trading below the $3,150 support level. The upward rise from the $2,833 swing low to $3,196 high was retraced at a 23.6 percent Fib retracement level. The cost has even dropped below $3,120.

It remains, however, above $3,050 and the 100 hourly simple moving average. A trading above $3,050 and the 100 hourly simple moving average is also present.

Source : TradingView

Near the $3,100 mark, there is immediate upside resistance. The $3,150 level is the first big resistance. The key resistance level is still around $3,200. A successful closing above $3,200 could signal the beginning of a continuous rise. In the above scenario, the price may reach $3,250. Any further rises might push the price up to $3,320.

If ethereum does not begin a new uptrend over $3,100 or $3,150, it may continue to fall. On the downside, the $3,060 level, the 100 hourly simple moving average, and the trend line provide first support. The next significant support level is around $3,020.

The 50 percent Fib retracement level of the upward advance from the swing low of $2,833 to the high of $3,196 is also near the $3,020 zone. A break below the trend line support, and then below $3,020, might signal the start of a significant fall. Near the $2,960 level, the next big support is found. If there are any more losses, the price might drop to $2,880.
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