Home Cryptocurrency Crypto News: Ethereum Downward Correction Can Push Price Below $3K

Crypto News: Ethereum Downward Correction Can Push Price Below $3K

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Volatility in the crypto market is raising concerns. Recently, Ethereum moved towards $3300 but failed to maintain the levels against the dollar. Witnessing a downward trend in the price, it is expected to fall below the $3030 level.

Start of the downward trend

According to the report shared by NewsBTC, the downward correction started when Ethereum spiked above the $3270 level. The bullish trend failed to gain the momentum required after the $3250 level. It is now trading at $3100 and a 100 hourly simple moving average. The report also adds that to break this downside movement, the price must stay between $3030 and $3020.

Price still at risk

The price decline is a major concern for cryptocurrency investors. The high was formed at $3283 when the fresh decline started. Ethereum rates then fluctuated between $3200 and $3150. The ETH/USD rate break was noticed as the price fell to $3140, further-reaching below $3100 and 100 hourly simple moving average.

Moving below the support level at $3030, it reached around $3005. The price is now facing losses. The nearest resistance is around $3120 level and the 100 hourly SMA. Additionally, this decline from $3283 to $3005 is near the 23.6% Fib retracement level.

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More ETH losses might happen

The fall has created a wave of worry among the investors. Looking at the current trend, if the ETH fails to increase over $3120 or $3150, there are chances of a further downward trend. The nearest support on the downside is at the $3030 level, followed by $3000.

If the two levels are breached, one can expect the price to reach $2800, a sharp decline compared to the prices today.

Experts on the trend

This case will be unique within the cryptocurrency marketplace. According to the intelligence report shared by Bloomberg, Ethereum might fall to as low as $1,700. This fall is expected to be followed by an upward correction trend. Additionally, Mike McGlone, the senior commodity strategist, commented that Ethereum could revisit reach $1700 and a new high of around $4800 in November.

The expectations are great, and Ethereum is one of the top five cryptocurrencies in terms of market capitalization; correction is expected.

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She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.