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Ethereum (ETH) price extends losses for the third straight day in a row. ETH is free-falling on Friday as the price fails to sustain the psychological $3,000 level. Now, it is interesting to watch if the price could hold the session’s low that is also a weekly support level.
- Ethereum (ETH) price trades with significant losses on Friday.
- ETH remains pressured below 50-day EMA at $2,969.
- Expect a further lower target at $2,300 if the price decisively closes below the weekly trend line.
Ethereum price faces multiple rejections near the 50-day Exponential Moving Average (EMA). Recently, Ethereum once again found selling pressure on March 1st around the highs of $3,040.75. In the past four-session, the asset lost 12%.
The daily Relative Strength Index (RSI) reads at 45 with a bearish bias. Now, if the indicator falls below the average line then the price continues to fall. Another momentum indicator, the Moving Average Convergence Divergence (MACD) hovers below the midline with a negative bias.
Furthermore, trading volume is falling along with the price. On Balance Volume (OBV) indicator reveals investors are not convinced of the strength in the altcoin.
In conclusion, a daily close below $2,600 will next see February lows of $2,300.
On the weekly chart, the ascending trendline acts as a support for the bulls. A spike in sell order would explore further lower levels toward January 24 lows at $2,159.
On the flip side, a shift in bearish sentiment will invalidate the mentioned bullish arguments. The first upside target is placed at Thursday’s high of $2,972.07. Next, market participants will keep moving to tag the $3,200 mark.
At the time of writing, ETH/USD is trading at $2,689.54, down 5.08% for the day. The second-largest cryptocurrency by market cap holds 24-hour trading volume at $13,762,406,457 with 8% gains as per the CoinMarketCap.
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