Ethereum price began another decline, trading below $3,000. To avoid a major decline, ETH needs to stay above the $2,800 and $2,850 support levels.
- Ethereum began another decline and tested the $2,900 area.
- The price is trading below $3,120 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bearish trend line connected to the resistance at $3,120.
- A break below the $2,850 support could continue the decline for the currency pair.
Ethereum price plummets again
Ethereum price struggled to gain speed above the $3,250 level and began another Bitcoin-like decline. ETH was trading below the $3,120 level. The decline even pushed the price below the $3,000 level.
The low was formed at $2,916 and the price is currently consolidating. It rose slightly above the $3,000 level. The price tested the 23.6% Fib retracement level moving down from the $3,356 swing high to the $2,916 low. However, the bears were actively trading near the $3,000 and $3,020 levels.
Ethereum is currently trading below $3,120 and the 100-hour simple moving average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100-hourly simple moving average.
Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance at $3,120. The trend line is close to the 50% Fib retracement level moving down from the $3,356 swing high to the $2,916 low.
Source: ETHUSD on TradingView.com
The next major resistance level is $3,185, above which the price may gain traction and advance towards the $3,250 level. A close above the $3,250 resistance line could cause the price to head towards the $3,350 resistance line. Ethereum may test the $3,500 resistance level if there is a move above the $3,350 resistance level. Further gains could lead Ether towards the $3,620 resistance zone.
Are there more downsides to ETH?
If Ethereum fails to clear resistance at $3,120, it may continue to fall. Initial support on the downside is near the $2,940 level and channel area. The first major support is near the $2,850 area.
Key support is near the $2,800 level. A clear break below the $2,800 support could push the price towards $2,650. More losses could push the price towards the $2,540 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,940
Key Resistance Level – $3,120
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