The overall cryptocurrency markets stabilized at the end of the week as Ethereum (ETH) held steady above $3,000 after three consecutive days of losses during the week. ETH is seeing lingering downside risks despite an increase in buying interest around the $3,200 level, which unfolded slightly above the psychological support zone of $3,000. The broader bearish trend has glided into a trading range from a $3,581 yearly high to a $2,159 yearly low at present. and The moving averages (MA 50 & MA 200) are reflecting the prolonged consolidation of the price within these boundaries. At the time of analysis, the ETH/USD price has bounced off an intraday low of $3,181 to register a daily high at $3,253. IntoTheBlock‘s data shows that Ether’s net issuance is decreasing. According to the data supplied, the seven-day average net issuance has been around 2.21 percent since reaching a high of 3.48 percent on March 12. ETH has not experienced a negative net issuance day since Jan. 10, per the on-chain analytics firm, but it hit a two-month low of 0.87 percent on March 5.
Key Levels
Resistance Levels: $3,700, $3,500, $3,285
Support Levels: $3,200, $3,000, $2,800
ETH/USD Daily ChartAt the start of the week, ETH fell abruptly, but it is still trading within the same range as the previous week. The technical indicators continue to indicate market caution, with the relative strength index (RSI) flattening in midline territory. If buyers keep the price above the consolidation floor of $3,200, a new upside break above $3,400 might occur.
Alternatively, if sellers find formidable resistance before the MA 200 at $3,500, a significant sell-off could begin. If the price can break through the $3,500 barrier, it will be on its way to the $4,867 all-time high. If the ranging continues, the bears could target the $3,000 range before attempting a retest of the daily moving average (MA 50) at $2,930.
ETH/USD 4-Hour ChartAt $3,250, ETH is trapped in a consolidation range below the 4-hour moving average (MA 50). The immediate hurdle at $3,285, currently supporting the downside except it’s breached. A move down could encounter the $3,200–$3,100 support zone before bears drop towards the moving average (MA 200).
A significant barrier supported by MA 50 ($3,370), on the other hand, keeps the upside constrained, with a break here and a nearby $3,400 barrier required to provide a stronger bullish signal for a possible extension of the recovery. The $3,500 resistance level, as well as the all-time high of $4,867, might be tested above these lines. To summarize, since prices continue within the moving averages, analysis remains neutral to negative.
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