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

The cryptocurrency marketplace is astir wholly reddish connected April 6 after hawkish comments from aggregate members of the Federal Reserve highlighted their sentiment that aggressively raising involvement rates and cutting enslaved purchases would request to hap successful bid to combat inflation. Members did concede that this would effect successful antagonistic unit being placed connected fiscal markets and this seems to beryllium precisely what happened today. 

Data from Cointelegraph Markets Pro and TradingView shows that the downward determination for Ether (ETH) accelerated connected Wednesday and dropped the apical altcoin to a debased of $3,178 earlier the sell-off subsided and the terms recovered to $3,200.

ETH/USDT 1-day chart. Source: TradingView

Here’s what respective analysts are saying astir this latest pullback for Ether and what levels of enactment to support an oculus connected successful lawsuit of a further determination to the downside.

Ether could dip to $2,600

The outlook for Ether pursuing a rejection of the monthly absorption astatine $3,400 was discussed by marketplace expert and pseudonymous Twitter idiosyncratic ‘Rekt Capital’, who posted the pursuing illustration noting that if this were to happen, “Ether could revisit $3,000” arsenic indicated by the achromatic enactment connected the chart.

ETH/USD 1-month chart. Source: Twitter

Rekt Capital said,

“But September 2021 has shown that erstwhile achromatic gets retested connected a dip - downside wicks occur. So if Ether does dip to black, it could wick into the greenish higher low.”

Based connected the illustration provided, this would effect successful a imaginable driblet to $2,602.

Will the $3,200 enactment hold?

A connection of reassurance for acrophobic Ether holders was offered by crypto trader and pseudonymous Twitter idiosyncratic ‘CryptoBatUSDT’, who posted the pursuing illustration highlighting a retest of an important enactment level.

ETH/USDT 6-hour chart. Source: Twitter

CryptoBatUSDT said,

“The marketplace operation is inactive bullish, presently successful some the Range (Eq) and a Swing Low (HL) zone. Unless this level is lost, I volition look to unfastened a agelong presumption successful these regions.”

Related: Bitcoin terms drops to $43.5K, but information and BTC’s marketplace operation task strength

Price is inactive betwixt the 200-MA and 200-EMA

Further penetration into the enactment for Ethereum astatine this existent terms level was provided by crypto trader and pseudonymous Twitter idiosyncratic ‘Don Yakka’, who posted the pursuing illustration noting the value of the 200-day moving mean (MA) and exponential moving mean (EMA).

ETH/USDT 1-day chart. Source: Twitter

Don Yakka said,

“Very akin to BTC chart, the 200MA is absorption and the 200EMA is support, arsenic agelong arsenic 200EMA holds connected [the] daily, I would not panic.”

The wide cryptocurrency marketplace headdress present stands astatine $2.003 trillion and Bitcoin’s dominance complaint is 41.5%.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.