Ethereum Upside Bias Defenseless if Ether Declines beneath $3,120

  • Ethereum kick-started massive downswings from the resistance area of $3,450.
  • Ether now trades beneath $3,200 and 100hr Simple Moving Average.
  • Ethereum’s 1hr chart shows a crucial bearish trend-line emerging with the resistance of around $3,425.
  • Ethereum remains vulnerable to more drops beneath $3,140 and $3,120.

ETH extended downsides beneath the $3,300 support barrier. The leading altcoin plunged to explore the $3,200 value area and may continue downward movements.

Ethereum Extends Downward

Ethereum started a colossal fall beneath $3,400 after forming a top. The alt even traded under the $3,340 mark before dipping further into the bearish territory.

Bears gamed pace to drag the leading altcoin beneath $3,300 and the 100hr SMA. The downward developments saw Ether spiking beneath $3,200 to explore the lows of $3,143. Now, the pair consolidated beyond the $3,150 mark.

Ethereum remains weak beneath $3,200 and 100hr SMA. The first resistance to the upside stands at $3,240. It is near the 23.6% Fibonacci retracement area of the latest drop from $3,549 to $3,143.

Overcoming this hurdle will meet another massive resistance at $3,345, corresponding with the 50% Fibonacci retracement zone of the move to $3,143 lows from the highs of around $3,549.

The primary resistance forms around the $3,400 mark. Moreover, ETH/USD 1hr chart displays a key bearish trend-line developing with the resistance of around $3,425.

Ethereum can kick-start decent surges if it overcomes the resistance at $3,400. Such scenarios might see ETH climbing beyond $3,450. Another hurdle will emerge at $3,500.

More Dips in Ethereum?

Ethereum might extend its downtrends if it fails to launch new upswings beyond the $3,400 mark. Downward movements will discover the first support at $3,140. Another foothold stands around the $3,120 mark. Breaching this level might see Ether gang bearish momentum.

That way, the leading altcoin will risk a drop towards $3,000. However, ETH’s price movements remain contingent on Bitcoin bias. BTC traded with a bearish attitude near $43,493 at this writing. More drops in Bitcoin will mean losing vital price levels and ETH achieving the bearish targets.

Crucial support zone – $3,120

Critical resistance zone – $3,400