Ethereum remains at risk of falling further to $ 3,000 as it struggles to move higher so it is moving down and could continue to fall below this support zone as we can see on our latest Ethereum news today.
Ethereum remains at risk and struggling to rise above $ 3500 against the US dollar and has failed to break the $ 3450 level, initiating a new decline. The price is now trading well below the $ 3400 and 100 hour simple moving average, and there is a large bearish trendline that has formed with resistance near $ 3400 on the hourly chart of ETH / USD. The pair could continue its decline if there is a fresh break below the USD 3,200 support zone. ETH struggled to break the USD 3450 resistance and couldn’t stay above the 100 hour average, but a new high was formed near USD 3450 and the price started a new drop similar to BTC. There was even a break below the USD 3350 and USD 3250 support levels as ETH traded below the 50% Fib retracement level of the move up from USD 3148 to a high of USD 3450.
Source ETHUSD on TradingView.com
It is now trading well below $ 3400 and the 100-hour simple moving average, but there is also a large bearish trendline forming with the resistance near $ 3400 on the pair’s hourly chart. It is also now trading well below the $ 3400 simple 100 hour moving average and the immediate resistance to the upside is approaching the $ 3320 level. The first major resistance is still near the $ 3380 level, and a proper move above that level could propel the coin higher.
The next major resistance is at $ 3500, but if ETH fails to continue to rise above the $ 3400 resistance level, a new downward move could begin and the immediate downside support will be near the $ 3220 level. The 76.4% fib retracement level from moving from the $ 3,148 low to the $ 3,450 high is also near $ 3,220. a further downside break below these support levels could push the price further down. A fresh downside break below the $ 3,220 and $ 3,200 support levels could push the price down even further as the next big support forms near the $ 3,150 zone, below which the ether price is again Could reach $ 3,000.
ETH 24-hour price chart (source: Coingecko)
As recently reported, the average cost of a transaction at ETH is currently $ 12.2, according to Etherscan. Fees, paid for each transaction and mostly burned by the network, can increase depending on the time of day as the average transaction fee was $ 29 according to BitInfoCharts yesterday. This is a dramatic decrease from the average of $ 59 on September 11th four days ago, and the high of $ 59 was the highest for a transaction on Ethereum on Sept.
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