Ethereum price extended losses and tested the $2,940 support. ETH could start a fresh increase if it clears the $3,000 and $3,030 resistance levels.
- Ethereum continued its downward trend, trading below the $3,000 level.
- The price is trading below $3,050 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance at $2,980.
- The pair would need to hold above the $2,940 support to initiate another rally towards $3,220.
Ethereum price falls below $3,000
Ethereum price remained in bearish territory and, like Bitcoin, losses extended below the $3,050 level. The decline in ETH could push the price below the $3,000 level.
The low was formed at $2,936 and the price is currently consolidating losses. Ethereum is trading below $3,050 and the 100-hour simple moving average. Recently, on the hourly chart of ETH/USD, it broke a major bearish trend line with resistance at $2,980.
Immediate resistance is near the $3,000 level, i.e. the 23.6% Fib retracement level of the recent decline from the $3,218 swing high to the $2,936 low. The first major resistance is near the $3,030 level or the 100-hourly simple moving average.
Source: ETHUSD on TradingView.com
The next major resistance lies at $3,080 or the 50% Fib retracement level of the recent decline from the $3,218 swing high to the $2,936 low, above which the price may gain traction towards the $3,150 level. A clear move above the $3,150 level could push the price higher to test the $3,220 resistance. Further gains could lead Ether towards the $3,350 resistance zone.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,030 resistance, another decline could begin. Initial support for the downside is near the $2,965 level. The first major support is near the $2,940 area.
The next support level is near the $2,880 level. A clear break below the $2,880 support could push the price towards $2,720. More losses could push the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,940
Key Resistance Level – $3,030
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
Source: NewsBTC.com