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The ETH rate reaches USD 3,300 and is met with rejection

The ETH course already picked up the price target of 3,300 USD last week. At this price level it will be decided how the Ethereum course will continue!

ETH rises to USD 3,300 and reaches the golden ratio

Ethereum price chart from Tradingview

The ETH price reached USD 3,300 a few days ago, and this week it will be rejected for the time being. This rejection could mean a short-term breather for the Ethereum price before it breaks the resistance at USD 3,300 to rise to the all-time high at around USD 4,400. For a while, Ethereum finds Fibonacci supports at USD 2,700 and USD 2,300, at which the ETH price could bounce off sharply. Given the bullish development of the crypto market, it seems very likely that Ethereum will break the golden ratio at USD 3,300. This Fibonacci resistance decides the medium-term trend of Ethereum. Only when this is broken will the Ethereum trend be bullish again in the medium term.

The ETH course met with rejection this week

Ethereum price chart from Tradingview

A strong, bearish rejection at this level, on the other hand, serves as a confirmation of the bear trend. The ETH rate should not fall below USD 2,300 so that the break in the resistance at USD 3,300 remains tangible in the near future. In the best case, Ethereum will not fall below USD 2,700 in the coming days and break the price level of USD 3,300 this week or next. Should Ethereum fall below $ 2,300, it will find strong support at $ 1,700-1,800. There, the ETH course encounters the 50-week EMA and horizontal support.

The weekly MACD is currently bullish – but now it is important that Ethereum hold above the Fibonacci supports at USD 2,700 and USD 2,300 so that the MACD does not give bearish signals.

The ETH price could soon be USD 4,400 and USD 6,000 respectively

Ethereum price chart from Tradingview

In the long term, the Ethereum price is extremely bullish, and the ETH price could soon be at USD 6,000 and USD 11,400 respectively. In a very bearish scenario, in which the Ethereum price falls extremely sharply in a very short time, it finds historical support at the latest at USD 1,100. It is very unlikely that the Ethereum price will fall below this price level again.

It currently looks more like the medium-term trend will become bullish again and Ethereum will exceed the price level of USD 3,300.

The crypto market is also reaching critical resistance

The crypto market and with it many altcoins have seen a very strong upward movement in the last few weeks. Now the crypto market has reached a critical resistance that has stood out for months. The crypto market has now reached the golden ratio of around USD 2 trillion (USD 2 trillion), which needs to be broken so that the overall trend in the crypto market can once again be viewed as bullish. If this level is broken, the crypto market can reach a market capitalization of around 2.6 T USD, or even significantly exceed it.

Should the downward movement persist for a short time due to the rejection, the crypto market will find strong support at around 1.7 T (1.7 trillion USD).

Disclaimer of liability

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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