Ethereum price started a recovery wave above the $2,880 zone, but failed around $3,050. $ETH has fallen and may find it difficult to break above $2,920.
- Ethereum failed to break above $3,000 and a new decline began.
- The price is trading below the 100-hour simple moving average at $2,990.
- On the hourly chart, the price has broken below the bullish trend line with support at $3,000. $ETH/USD (data feed via Kraken).
- A break above the $2,880 zone could start a new rally.
Ethereum price falls again
Ethereum price managed to remain stable above $2,880, and similar to Bitcoin, a wave of recovery began. $ETH The price was able to clear the $2,920 and $2,950 resistance levels.
Bulls pushed the price above $3,000. However, the bears remained active near $3,050. A high was formed at $3,040, and the price began to fall further. There was a move below the 23.6% Fib retracement level of the recent rally from the swing low of $2,784 to the high of $3,040.
Additionally, the price broke below the bullish trend line with support at $3,000 on the hourly chart. $ETH/USD. Ethereum price is currently trading below $2,980 and its 100 hourly simple moving average.
If the bulls sustain the action above $2,920, the price may try to move higher. Immediate resistance is seen near $2,980. The first major resistance level is near the $3,000 level. The next major resistance level is near the $3,050 level.
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 $3,180 resistance zone and even $3,200 in the short term.
more losses will occur $ETH?
If Ethereum fails to break through the $3,000 resistance, a fresh decline could begin. The first support on the downside is near the $2,920 level. The first major support is near the $2,880 zone, or the 61.8% Fib retracement level of the recent bull run from the swing low of $2,784 to the high of $3,040.
A clear move below the $2,880 support could push the price towards the $2,820 support. Any further losses could send the price towards the $2,780 area. The main support could be at $2,740.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,880
High resistance level – $3,000
