Ethereum price extended its losses and tested the $2,940 support. ETH could start a new rally if it clears the $3,000 and $3,030 resistance levels.
- Ethereum remained in the bearish zone, trading below the $3,000 level.
- The price is trading below $3,050 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair broke above the major bearish trendline with resistance at $2,980.
- The pair needs to break above the support at $2,940 to initiate a further move towards $3,220.
Ethereum price drops below $3,000
Ethereum price remained in the bearish zone, extending losses to levels below $3,050, similar to Bitcoin. ETH bears were able to push the price below the $3,000 level.
A low was formed at $2,936 and the price is currently consolidating losses. Ethereum is trading below $3,050 and its 100-hour simple moving average. ETH/USD recently broke above a major bearish trendline with resistance at $2,980 on the hourly chart.
Immediate resistance lies near the $3,000 level, or the 23.6% Fib retracement level of the recent decline from the swing high of $3,218 to the low of $2,936. The first major resistance is near the $3,030 level or the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The next major resistance lies at $3,080, the 50% fibritracement level of the recent decline from the swing high of $3,218 to the low of $2,936, above which price will gain momentum and move towards the $3,150 level. There is a possibility that it will rise towards. If there is a clear move above the $3,150 level, the price could move higher and test the $3,220 resistance. Any further rally could send Ether heading toward the $3,350 resistance zone.
Further losses for ETH?
If Ethereum fails to break through the resistance at $3,030, further declines could begin. The first support on the downside is near the $2,965 level. The first major support is located near the $2,940 zone.
The next support is near the $2,880 level. A clear move below the support at $2,880 could push the price towards $2,720. Any further losses could send the price towards the $2,650 level in the near term.
technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,940
Major Resistance Level – $3,030
