Ethereum price is gaining bearish momentum below $2,950. ETH may continue to decline towards the $2,550 support in the near term.
- Ethereum struggled to break the $2,950 resistance and started a new downtrend.
- The price is trading below $2,920 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance at $2,910.
- A break below the $2,850 support could see the pair gain bearish momentum.
Losses widen due to Ethereum price
Ethereum price failed to continue rising above the $2,950 resistance level like Bitcoin. A high was reached at $2,951 and the price began a new downward trend. There was a steady decline below the $2,920 and $2,900 levels.
The low was formed at $2,864 and the price is currently consolidating losses. It is trading near the 23.6% Fib retracement level, down from the $2,951 swing high to the $2,864 low. Ethereum is currently trading below $2,950 and the 100-hour simple moving average.
Immediate resistance is near the $2,900 level. The first major resistance is near the $2,920 level or the 50% Fib retracement level of the downward move from the $2,951 swing high to the $2,864 low.
Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline with resistance forming at $2,910. The next major resistance levels are $2,950 and the 100-hourly simple moving average, above which the price may gain traction and advance towards the $3,020 level.
Source: ETHUSD on TradingView.com
A clear move above the $3,020 level could push the price higher to test the $3,150 resistance. Further gains could push Ether towards the $3,250 resistance zone.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,920 resistance, it could begin another downtrend. Initial support for the downside is near the $2,865 level. The first major support is near the $2,840 area.
The next support level is near the $2,780 level. A clear break below the $2,780 support could push the price towards $2,650. More losses could push the price towards the $2,550 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 now below the 50 level.
Key Support Level – $2,865
Key Resistance Level – $2,920