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
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