Ethereum price finds demand at FIB 38.2% as market declines. Would you like to buy this dip?

Cryptocurrency market volatility has increased significantly this week due to expectations of the approaching Bitcoin halving event. The market recovery at the beginning of the week quickly rebounded over the weekend, with BTC price falling to a low of $65,133 on Friday. Amid this decline, ETH price fell and swung through the lower support at $3,100 in search of stable support to prevent an extended decline.

Also read: Ethereum Whale buys $121 million ETH from Binance, will price recover soon?

Buyers focus on ETH’s 100-day EMA support for possible recovery

Ethereum (ETH) coin has been in a correction trend for more than a month, with the price falling from $4,095 to $3,100, marking a 25% decline. However, its lower level coincides with the 38.2% Fibonacci retracement level and is currently sloped at the 100-day EMA, creating a high area of ​​interest (AOI) for buyers.

ETH price is currently trading at the $3,258 level, up 0.57% intraday and showing long-tail rejection at the $3,100 support, indicating that demand pressure remains intact.

Whether buyers can sustain above this level over the next few days will be crucial to show that the buy-on-the-buy sentiment remains intact. The renewed recovery could push ETH price up 14% to break the $3,730 resistance, followed by the previous swing high of $4,100.

Also read: Cryptocurrency Price Prediction 4/13: Last drop before Bitcoin halving rally?

$106 million worth of ETH hits exchanges during market crash

On-chain data tracker Lookonchain reports that four major Ethereum stakeholders collectively moved 31,683 ETH to the exchange during the market decline, totaling approximately $106 million. do.

During the market decline, 4 whales/institutions released 31,683 whales $ETH($106 million).

Cumberland deposited 17,206 $ETH($57.3 million) to the exchange. https://t.co/ll57RHO7aa

0xC3f8 deposited 7,976 $ETH(from $26.6 million) #Binance.https://t.co/mgz1QINAiI

0x1717 Deposit 4,000 $ETH($13.32 million) to the exchange. pic.twitter.com/1NqtJ5eSZV

— Lookonchain (@lookonchain) April 13, 2024

With this transaction, Cumberland deposited 17,206 ETH. Another entity associated with a wallet address starting with 0xc3f8 sent 7,976 ETH to Binance. Wallets starting at 0x1717 moved 4,000 ETH. Alameda Research then transferred 2,500 ETH to Binance. This large-scale capital movement is causing ripples in the crypto community amidst a market correction.

A break below $3,100 would favor sellers and lead to an extended decline.

technical indicators

• Exponential moving average: The trend-defining 100-day EMA served as a dynamic support for investors during major corrections.
• Relative strength index: The wavy slope of the daily RSI (80%) near the midline reflects the indecisive sentiment of market participants.

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Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies and continues to explore opportunities driven by his passion for trading.

The published content may include the personal opinions of the author and may be subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.