Ethereum price began to fall again, trading below $2,920. ETH could gain bearish momentum if the closing price falls below the $2,800 support zone.
- Ethereum remained in the bearish zone and traded below the $2,900 zone.
- The price is trading below the 100-hour simple moving average at $2,950.
- The hourly chart of ETH/USD (data feed via Kraken) has a connecting bearish trend line forming resistance at $3,050.
- The pair could continue to fall below the $3,050 resistance.
Ethereum price widens losses
Ethereum price, similar to Bitcoin, remained in a bearish zone below the $3,120 level. ETH traded below the $3,000 level. The bears pushed the price down to the $2,920 level.
The low was formed at $2,813 and the price is currently consolidating. There was a slight increase above the $2,900 level. Price tested the 23.6% Fib retracement level of the downwave from the swing high of $3,355 to the low of $2,813. However, the bears were active around the $2,950 and $2,965 levels.
Ethereum is currently trading below $3,000 and its 100 hourly simple moving average. Immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 level and the 100 hourly simple moving average.
There is also a connecting bearish trend line on the ETH/USD hourly chart that forms resistance at $3,050. The trendline is near the 50% Fib retracement level of the downwave from the swing high of $3,355 to the low of $2,813.
Source: ETHUSD on TradingView.com
The next major resistance lies at $3,085, above which the price could gain momentum and move towards the $3,150 level. If the price closes above the $3,150 resistance, the price could head towards the $3,250 resistance. If there is a move above the $3,250 resistance, Ethereum could even test the $3,350 resistance. Any further rally could send Ether heading toward the $3,500 resistance zone.
Further disadvantages of ETH?
If Ethereum fails to clear the $3,050 resistance, further declines are possible. Initial support on the downside is near the $2,850 level. The first major support is located near the $2,820 zone.
The main support is around the $2,820 level. A clear move below the support at $2,820 could push the price towards $2,650. Any further losses could send the price towards the $2,540 level in the near term.
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 level.
Major Support Level – $2,820
Major Resistance Level – $3,050
