Ethereum traders eye the 61.8% Fib level if ETH fails to hold the $3.2K support By Cointelegraph

Ethereum price finally topped $3K, but data suggests a reversal is nowhere in sight

Ethereum traders eye the 61.8% Fib level if ETH fails to hold the $3.2K support

The cryptocurrency market is nearly completely red on April 6 after hawkish comments from multiple members of the Federal Reserve highlighted their opinion that aggressively raising interest rates and cutting bond purchases would need to happen in order to combat inflation. Members did concede that this would result in negative pressure being placed on financial markets and this seems to be exactly what happened on April 6.

Data from Cointelegraph Markets Pro and TradingView shows that the downward move for Ether (ETH) accelerated on April 6 and dropped the top altcoin to a low of $3,178 before the sell-off subsided and the price recovered to $3,200.

ETH/USDT 1-day chart. Source: TradingView
1-month chart. Source: Twitter (NYSE:)
ETH/USDT 6-hour chart. Source: Twitter
ETH/USDT 1-day chart. Source: Twitter