FX.co ★ Technical analysis of ETH/USD for March 04, 2022

Technical market outlook (Ethereum) :

The bears should break through $ 2,584 in order to resume the downtrend. Closing below the first support ($ 2,584) could assure that ETH/USD will move lower towards stimulating new lows.

The volatility is very high for that the ETH/USD is still moving between $ 2,672 and $ 2,476 in coming hours. Consequently, the market is likely to show signs of a bearish trend again. Moreover, in larger time frames the trend is still bearish as long as the level of $ 2,672 is not breached

The trend is still calling for a strong bearish market from the spot of $ 2,672 - $ 2,476. Remember that sellers are asking for a high price.

So, it will be good to sell below the level of $ 2,672 with the first target at $ 2,584 and further to 2,476 in order to test the daily support . Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

However, if the ETH/USD is able to break out the daily resistance at $ 2,760 - stop loss has always been in consideration thus it will be useful to set it above the last double top at the level of 3,044 (notice that the major resistance today has set at 3,044).