Ethereum price began a new downward trend below $2.88.0. ETH is currently trying to recover from $2,720, but bulls may face resistance.
- Ethereum began a new downward trend below $2,880 and $2,800.
- The price is trading below $2,850 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term bearish trendline forming at resistance $2,820.
- The pair could continue to rise if it settles above the $2,850 area.
Ethereum price recovery attempt
Ethereum price failed to stay above $2,950 and began a new downward trend like Bitcoin. ETH price fell below $2,880 and entered the bearish zone. The decline even dragged the price below $2,800.
The low was made at $2,718 and the price is currently trying to recover. There was a move above the $2,750 level. The price broke above the 23.6% Fib retracement level moving down from the $3,052 swing high to the $2,718 low.
Ethereum price is currently trading below $2,850 and the 100-hour simple moving average. In case of another uptrend, the price may face resistance near $2,820. Additionally, on the hourly chart of ETH/USD, there is a short-term bearish trendline forming resistance at $2,820.
The next major resistance is near the $2,880 level or the 50% Fib retracement level for a downside move from the $3,052 swing high to the $2,718 low. The first major resistance is near the $2,920 level. A clear break above the $2,920 resistance may lead the price to move towards the $3,000 resistance. A rally above the $3,000 region could lead to further gains in the coming days. If indicated, Ethereum could rise to the $3,050 resistance zone or $3,150 in the near term.
Another drop in ETH?
If Ethereum fails to clear the $2,880 resistance, a new downtrend could begin. Initial support for the downside is near the $2,760 level. The first major support is near the $2,740 area.
A clear move below the $2,740 support could push the price towards the $2,720 support. More losses could push the price towards the $2,650 region in the near term. The next major support levels are $2,550 and $2,500.
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 area.
Key Support Level – $2,720
Key Resistance Level – $2,880