The Ethereum price did not stay above $3,000 and was tested $2,770. ETH is now trying to recover but is facing resistance around $2,880.
- Ethereum started to fall again after failing to stay above $3,000.
- The price is trading below $3,000 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,050 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $2,800 zone.
Ethereum price continues to fall
The price of Ethereum did not remain above $3,050 and started a new decline, just like Bitcoin. The ETH price dropped below $3,000 and entered a bearish zone.
The decline accelerated below $2,880 and the price fell below $2,800. A low was formed at $2,770 and the price is now consolidating losses below the 23.6% Fib retracement level from the recent decline from the $3,058 swing high to the $2,770 low.
The Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. If another recovery wave comes, the price could face resistance near the $2,920 level and the 50% Fib retracement level from the recent decline from the $3,058 swing high to the $2,770 low.
The next major resistance is near the $2,950 level. The first major resistance is around the $3,050 level. There is also a major bearish trendline forming with resistance at $3,050 on the hourly chart of ETH/USD. A clear move above the USD 3,050 resistance could send the price towards the USD 3,120 resistance. An upside break above the $3,120 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,220 or even $3,250 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,920 resistance, it could trigger another decline. The initial downside support is near the $2,770 level. The first major support is near the $2,740 zone.
A clear move below the USD 2,740 support could push the price towards the USD 2,680 support. Any further losses could send the price towards the $2,620 region in the near term. The next major support is at USD 2,550 and USD 2,500.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,770
Major resistance level – $3,050