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On the weekly chart, the price of Ethereum approaches the 0.5 percent Fibonacci retracement

The price of ETH has been moving in a bearish direction. Following the events of Thursday, the price dropped below $2,700. Buyers should exercise caution, though, because the price is still under pressure and more declines cannot be ruled out.

On Saturday, the price of Ethereum declined for the third day in a row due to continued selling pressure.

If the price falls below the 0.5 percent Fibonacci Retracement level on a weekly basis, expect additional losses.

As trading below $2,700, the asset has lost more than 5% in a week.

Source: Trading View

Since November, the ETH price has made two lower lows ranging from $48,000 to $35,000 on the weekly chart, compared to only one swing low of $2,159 in January. Further examination reveals that the price remains pressured below the $2,930 50-day EMA (Exponential Moving Average).

Furthermore, the price is approaching the 0.5 percent Fibonacci retracement mark of $2,628. The trade volume has decreased in tandem with the price decline. Based on the aforementioned considerations, we believe ETH will make a lower low this time.

However, the outlook for the second-largest cryptocurrency is bleak, and a move in optimistic enthusiasm would contradict the current gloomy feeling. A surge in buy orders might push the price to $2,969, which is the 50-day ema. The investor’s need for $3,000 may be fueled by this.

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