06.03.202222:19 Forex Analysis & Reviews: Technical analysis of ETH/USD for March 06, 2022

Technical market outlook (Ethereum) :

Ethereum is flighting around the price of $2,607 after dropping under the price of $2,672 immediately following the attack, and Ethereum is back below $2,672 (23.6% of Fibonacci retracement levels).

ETH/USD is in a wide trading range with strong below the resistance levels of $2,627 ; $2,723 and $2,763. Technical indicators are mostly showing downtrend.

Downtrend scenario :

A Downtrend will start as soon, as the market rises below the resistance levels 2,627 ; $2,723 and $2,763, which will be followed by moving down to support level $2,763 (S1).

Further close below the high end may cause a rally towards $2,763. Nonetheless, the weekly support level and zone should be considered.

Now, the price is set at $2,723 to act as a daily pivot point. It should be noted that volatility is very high for that Ethereum is still moving between $2,723 and $2,500 in coming hours. F

Eurthermore, the price has been set below the strong resistance at the levels of $2,627 ; $2,723 and $2,763, which coincides with the 23.6%, 38.2 and 50% Fibonacci retracement level respectively.

Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, Ethereum is continuing in a bearish trend from the new resistance of $2,672.

On the downside, the $2,591 level represents support. The next major support is located near the $2,500, which the price may drift below towards the $2,500 support region.