Ethereum price analysis: ETH to defend major support at $3,272


Choose your language:
The cryptocurrency market is correcting at the moment after a huge rally over the past few days, with some coins losing more than 1% of their value
The cryptocurrency market performed very well towards the end of last week and during the weekend. Bitcoin surpassed the $45,000 resistance point to settle above the $47,000 mark over the past few days. It is now down by 0.39% but is still trading above the $47,000 level.
Ether’s performance over the past few days was also excellent, surpassing the $3,000 resistance point to settle above the $3,200 level. The other leading cryptocurrencies also performed strongly over the past few days, rising by more than 6% during that period.
However, the market is now retracing after its recent rally. Most altcoins are down by more than 1% over the past 24 hours and could record further losses in the coming hours.
The ETH/USD 4-hour chart is still bullish following Ether’s excellent performance over the past few days. Its MACD line is currently in the bullish zone, while the RSI of 58 shows that it is leaning towards the overbought region more than the oversold.
Ether failed to stay above the $3,418 pivot, and the cryptocurrency dropped below the 23.6% Fibonacci level of $3,369 a few hours ago. The first major support level at $3,346 is now in play, and ETH could drop below this level over the coming minutes or hours.

ETH/USD 4-hour chart. Source: TradingView
If the sell-off period continues, the bulls would be forced to defend the second major support level at $3,272. However, Ether should steer clear of the sub $3,100 level in the coming hours unless the bearish sentiment grows stronger.
On the flip side, if ETH can climb towards the $3,418 pivot, then it stands a chance of surpassing the first major resistance level at $3,492 in the coming hours. Support from the broader crypto market could see ETH attempt to break past the second major resistance level at $3,563 before the end of the day.
Check out our how to buy Ethereum page here
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.


Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Weekly analysis: Ripple, Litecoin and IOTA end the week on a high

Next Post

El Salvador to use surplus Bitcoin Trust funds to build 20 schools

Related Posts