Ethereum price tested unable to sustain above $3,000 $2,770. ETH is currently trying to recover but is facing resistance near $2,880.
- Ethereum began a new decline after failing to break above $3,000.
- The price is trading below $3,000 and the 100 hourly simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trend line forming at the $3,050 resistance level.
- If it breaks below the $2,800 zone, the pair could fall further.
Ethereum price falls further
Ethereum price was unable to continue rising above $3,050 and started a new decline, similar to Bitcoin. ETH price fell below $3,000 and entered the bearish zone.
The decline accelerated below $2,880, sending the price below $2,800. A low was formed at $2,770 and the price is currently consolidating losses below the 23.6% Fib retracement level of the recent decline from the swing high of $3,058 to the low of $2,770.
Ethereum price is currently trading below $3,000 and the 100 hourly simple moving average. If there is another wave of recovery, the price could face resistance near the $2,920 level and the 50% fibritracement level of the recent decline from the $3,058 high to the $2,770 low.
The next major resistance level is near the $2,950 level. The first major resistance level is near the $3,050 level. There is also a major bearish trend line forming at the $3,050 resistance on the ETH/USD hourly chart. A clear break above the $3,050 resistance could send the price heading towards the $3,120 resistance. A break above the $3,120 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,220 resistance zone and even $3,250 in the short term.
Will you drop ETH again?
If Ethereum fails to break through the $2,920 resistance level, a fresh decline could begin. The first support on the downside is near the $2,770 level. The first major support is located near the $2,740 zone.
A clear move below the $2,740 support could push the price towards the $2,680 support. Any further losses could send the price towards the $2,620 area in the near term. The next major supports are $2,550 and $2,500.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $2,770
High resistance level – $3,050
