Ethereum price began another decline, trading below $2,920. ETH could gain bearish momentum if it closes below the $2,800 support.
- Ethereum remained in bearish territory and was trading below the $2,900 region.
- The price is trading below $2,950 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 $3,050.
- If it stays below the $3,050 resistance, the pair may continue to fall.
Losses widen due to Ethereum price
The price of Ethereum, like Bitcoin, remained in a bearish range below the $3,120 level. ETH was trading below the $3,000 level. The decline even pushed the price below the $2,920 level.
The low was formed at $2,813 and the price is currently consolidating. There was a slight increase above the $2,900 level. The price tested the 23.6% Fib retracement level of the bearish wave from the $3,355 swing high to the $2,813 low. However, the bears were actively trading near the $2,950 and $2,965 levels.
Ethereum is currently trading below $3,000 and the 100-hour simple moving average. Immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 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 $3,050. The trend line is close to the 50% Fib retracement level of the bearish wave from the $3,355 swing high to the $2,813 low.
Source: ETHUSD on TradingView.com
The next major resistance level is $3,085, above which the price may gain traction towards the $3,150 level. A close above the $3,150 resistance line could cause the price to head towards the $3,250 resistance line. Ethereum may test the $3,350 resistance level if there is a move above the $3,250 resistance level. Further gains could lead Ether towards the $3,500 resistance zone.
Are there more downsides to ETH?
If Ethereum fails to clear the $3,050 resistance, it may continue to fall. Initial support for the downside is near the $2,850 level. The first major support is near the $2,820 area.
Key support is near the $2,820 level. A clear break below the $2,820 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 – $2,820
Key Resistance Level – $3,050
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