Ethereum breaks below crucial support: ETH to $3,200?
Ethereum bulls are in control, looking at price action. However, with ETH/USD prices falling, the coin might tumble to $3,200
Ethereum is fast-falling, looking at candlestick arrangement in the daily chart. ETH/USD is down 13% from 2024 highs and continues to slide when writing. The coin is trading below the 20-day moving average, clear in the daily chart, swinging price action in favor of sellers.
ETH buyers are still optimistic about the future. For the uptrend to continue, prices must break away strongly from spot rates, clearing the weekend’s high of $3,800.
Trading volume remains low, dropping by 26% to around $17.3 billion. Still, the recovery in the Asian and European sessions has seen the market cap add 0.5% to $428 billion. Overall, there are hints of support, but sellers are in control until prices rally to Friday’s level.
Ethereum news to watch today includes:
- Following Dencun, analysts say dropping gas fees will catalyze the next wave of buying pressure. For now, the reaction post-Dencun has been bearish. Even so, time will tell if bulls will eventually have the upper end.
- Solana is thriving, reading from on-chain activities. Data shows that Solana flipped Ethereum and other compatible platforms, including layer-2 solutions, processing $3.4 billion versus $2.4 billion. While positive, critics maintain that Solana is centralized. The Solana co-founder responded, dismissing these allegations.
And there is a world of difference between the quorum control liveness and the L2 multisig controling state.
There is absolutely nothing the quorum can do to convince circle to wire out your usdc without your signature. The L2 multisig can take the usdc out of the bridge and…
— toly 🇺🇸 | compressed (@aeyakovenko) March 17, 2024
Ethereum Price Analysis
The path of least resistance is southward.
With ETH/USD trading lower, below the 20-day middle BB, cracks are forming.
Even so, traders are optimistic.
Any break above $3,800, ideally with expanding volume, will cement buyers’ conviction. In that case, Ethereum might rally back to $4,090 in a buy-trend continuation.
Conversely, sharp losses, confirming the bears of Saturday, might see ETH slip to as low as $3,200. This level marks the March 5 low.
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