Ethereum price remained in a bearish zone below the $3,250 zone. ETH plunged below the $3,000 support level and even tested the $2,850 zone.
- Ethereum has again shown a downward trend below the $3,120 and $3,000 levels.
- The price is trading below $3,000 and the 100-hour simple moving average.
- According to data provided by Kraken, there is a resistance line forming near $3,000 on the hourly chart of ETH/USD, forming a major downtrend line.
- The pair could correct losses, but upside could be limited above the $3,120 area.
Ethereum price plunges 8%
Ethereum price failed to make a recovery wave above the $3,150 and $3,200 resistance levels. ETH started another decline below the $3,120 support area, just like Bitcoin. There was movement below the $3,050 and $3,000 support levels.
The price has fallen 8% and even tested the $2,850 support. A low was formed at $2,862 and the price is currently consolidating losses. The price is showing many bearish signs and is trading well below the 23.6% Fibonacci correction level of the downtrend from the $3,425 swing high to the $2,860 low.
Ethereum is trading below $3,000 and the 100-hourly simple moving average. If there is a recovery wave, the price may face resistance near the $2,960 level. The first major resistance is near the $3,000 level.
There is also a major downtrend line forming with resistance near $3,000 on the hourly chart of ETH/USD. The next major hurdle is near the $3,120 level or the 50% Fibonacci correction level of the downtrend from the $3,425 swing high to the $2,860 low.
A close above the $3,120 level could see Ether move towards the $3,200 resistance. The next major resistance level is near $3,250. A break above the $3,250 resistance could see the price move higher towards the $3,350 resistance.
Is it possible to incur additional losses on ETH?
If Ethereum fails to break above the $3,000 resistance level, it could continue to decline. The initial support level for the downtrend is near $2,850. The first major support level is near the $2,800 area.
A clear move below the $2,800 support level could see prices move to $2,720. Further losses could see prices move to the $2,650 level in the short term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,850
Key Resistance Level – $3,000