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Ethereum -Price started a new decrease below $ 3,000 zone. ETH has fallen by more than 25% and the bears seem to be under control below $ 2,770.
- Ethereum started a new decline below $ 3,000 support zone.
- The price trades under $ 2,800 and the 100-hour simple advancing average.
- There is an important bearish trend line that forms with resistance to $ 2,900 on the hourly table ETH/USD (data daai via Kraken).
- The couple could start a recovery wave if it remains above the level of $ 2,200.
Ethereum Price NOSDIVES
Ethereum -Price started a large decrease below the $ 3,000 level, underperforming Bitcoin. ETH fell under $ 2,800 and $ 2,650 levels to enter a bearish zone.
There was a clear movement below the level of $ 2,500. The price fell by more than 25% and tested the $ 2,120 zone. A low point was formed at $ 2,127 and the price is now losing consolidation. There was a small increase above the level of $ 2,300. The price exceeded the 23.6% FIB retracement level of the downward movement of the $ 3,403 wing high to the $ 2,127 swing low.
Ethereum price now trades under $ 2,800 and the 100-hour simple advancing average. At the top the price seems to have to do with obstacles near the level of $ 2,650. The first major resistance is near the $ 2,770 level or the 50% FIB retracement level of the downward movement of the $ 3,403 wing high to $ 2,127 Swing Low.
The most important resistance is now almost $ 2,900. There is also an important bearish trend line that forms with resistance to $ 2,900 on the ETH/USD card per hour. A clear movement above the $ 2,900 resistance can send the price to $ 3,000 resistance.
An upward break above the $ 3,000 resistance can request more profit in the coming sessions. In the indicated case, Ether could rise to the $ 3,150 resistance zone or even $ 3,250 in the short term.
Another drop in ETH?
If Ethereum did not know the resistance of $ 2,600, this can start a new decline. The first support on the disadvantage is near the level of $ 2,320. The first major support is near the $ 2,250.
A clear movement under the support of $ 2,250 can push the price to $ 2,120 support. More losses can send the price in the short term to the support level of $ 2,000. The following key support is $ 1,880.
Technical indicators
Hour MacD – The MACD for ETH/USD is gaining strength in the bearish zone.
Hour RSI – The RSI for ETH/USD is now below 50 zone.
Major support level – $ 2,200
Large resistance level – $ 2,600
