Ethereum traders eye the 61.8% Fib level if ETH fails to hold the $3.2K support

After hawkish comments by several Federal Reserve members, the cryptocurrency market has turned nearly entirely red since April 6. They stated that they believe aggressively raising interest rates would be necessary to combat inflation. All members agreed that this would put negative pressure on the financial markets. This is what appears to have happened on April 6.

Cointelegraph Markets Pro and TradingView data show that Ether (ETH), the leading altcoin, fell to $3,178 on April 6. The sell-off subsided and the price recovered back to $3,200.

ETH/USDT 1-day chart. Source: TradingView

Below are the views of several analysts on Ether’s latest pullback. Also, we have a list of levels of support that you should be monitoring in case Ether moves further to the downside.

The price of Ether could drop to $2,600

Market analyst Rekt Capital posted the following chart, noting that Ether could re-enter $3,000 if it were to fail the monthly resistance at $3,000.

ETH/USD 1-month chart. Source: Twitter

Rekt Capital said,

“But September 2021 has demonstrated that when black is retested on dips — downside wicks happen.” If Ether dips to black, it may wick into the higher green low.

This chart shows that there could be a drop of up to $2,602.

Is the $3,200 support still valid?

Crypto trader and pseudonymous user CryptoBatUSDT posted this chart, which highlights a retest at an important support level.

ETH/USDT 6-hour chart. Source: Twitter

CryptoBatUSDT stated,

“The market structure remains bullish. Currently, it is in the Range (Eq), and Swing Low (HL). zones. If this level is not lost, I will be looking to open a long-term position in these areas.

Related: Bitcoin Price Drops to $43.5K but Data and BTC’s Market Structure Project Strength

The 200-MA and 200 EMA price ranges are still in place

Don Yakka (crypto trader, pseudonymous Twitter User) provided further insight into Ethereum’s support at the current price level. He posted the following chart which noted the importance of the 200-day moving mean (MA), and exponential moving mean (EMA).

ETH/USDT 1-day chart. Source: Twitter

Don Yakka said,

“Very similar to BTC Chart, the 200MA represents resistance, and the 200EMA support. As long as the 200EMA holds [the] daily], I wouldn’t panic.”

The total cryptocurrency market is now worth $2.003 trillion, and Bitcoin’s dominance rate of 41.5%.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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