Tuesday, February 27, 2024

Ethereum’s war on price continues

Ethereum, the second-largest cryptocurrency by market cap, did not clear the 3,280 USD resistance. Incidentally, the cryptocurrency’s value should be more than 3.140 USD to prevent further decline in the near future.

It tried to go above $3,280 and $3,260. The price of ETH could not reach above the $3,280 market and began to drop just like Bitcoin.

The digital currency’s price broke the support levels of $3,200 and $3,220. Ether tested the support levels of $3,140 and $3,150. However, it formed a low near $3,142 and its price is now facing losses. There is an immediate resistance close to the $3,170 level. ETH is close to the Fib replacement level of 23.6 percent of the recent drop from the $3,260 high to $3,142 low.

Is ETH likely to face more losses soon?

In case Ethereum does not succeed in reaching over the resistance levels of $3,220 and $3,200, its decline could extend. Immediate support is close to the $3,150 level on the downside.

Another key support is now getting created close to the $3,140 zone. However, if there is a downside break below the support zone of $3,140, the coin could accelerate losses. However, in this case, the price of either can revisit the support zone of $3,060.

On June 22 this year, the price of Ethereum touched a lower low by falling below the mark of $1,732 recorded amid the market crash of May. The price of the ETH grabbed negative headlines in news also because of a ban imposed by China on digital assets. However, the second-biggest digital currency headed for a quick recovery then.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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