The Ethereum price did not stay above $2,800 and was tested $2,620. ETH is now trying to recover but is facing resistance near $2,890.
- Ethereum started a new decline after failing to stay above $2,800.
- The price is trading near USD 2,840 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $2,720 zone.
Ethereum price attempts recovery
The price of Ethereum did not remain above $3,000 and started a new decline, just like Bitcoin. ETH price fell below $2,880 and entered a bearish zone.
The decline accelerated below $2,800 and the price fell below $2,700. A low was formed at $2,621 and the price is now trying to recover. There was a move above the 23.6% Fib retracement level from the recent decline from the $3,058 swing high to the $2,621 low.
Ethereum price is now trading near USD 2,840 and the 100-hourly Simple Moving Average. If another recovery wave comes, the price could face resistance near the $2,890 level and the 61.8% Fib retracement level from the recent decline from the $3,058 swing high to the $2,621 low.
The next major resistance is near the $2,920 level. The first major resistance is around the $2,950 level. There is also a major bearish trendline forming with resistance at $2,960 on the hourly chart of ETH/USD. A clear move above the USD 2,960 resistance could send the price towards the USD 3,020 resistance. An upside break above the $3,020 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,120 or even USD 3,250 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,890 resistance, it could trigger another decline. The initial downside support is near the USD 2,800 level. The first major support is near the $2,720 zone.
A clear move below the USD 2,720 support could push the price towards the USD 2,650 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 losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,720
Major resistance level – $2,890