Ethereum price started a fresh decline from the $3,200 resistance. ETH is now consolidating losses and is at risk of more losses below $2,880.
- Ethereum started a sharp downside correction below $3,000.
- The price is trading below $3,000 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $3,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $2,880 zone.
Ethereum Price Dips Over 5%
Ethereum price failed to remain stable above $3,200 and started a fresh decline, like Bitcoin. ETH price declined below $3,150 and $3,120 to enter a bearish zone.
The bears even pushed the price below $3,000. The price finally tested $2,910 and is currently consolidating losses below the 23.6% Fib retracement level of the recent downward move from the $3,367 swing high to the $2,910 swing low. There is also a key bearish trend line forming with resistance at $3,020 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $2,880, the price could attempt another increase.
Immediate resistance is seen near the $3,020 level. The first key resistance is near the $3,080 level. The next major resistance is near the $3,120 level. A clear move above the $3,120 resistance might send the price toward the $3,150 resistance or the 50% Fib retracement level of the recent downward move from the $3,367 swing high to the $2,910 swing low.
An upside break above the $3,150 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,220 resistance zone or even $3,300 in the near term.
Downside Continuation In ETH?
If Ethereum fails to clear the $3,020 resistance, it could start a fresh decline. Initial support on the downside is near the $2,920 level. The first major support sits near the $2,880 zone.
A clear move below the $2,880 support might push the price toward the $2,800 support. Any more losses might send the price toward the $2,750 region. The main support could be $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,880
Major Resistance Level – $3,020
