The Ethereum price started a new decline below $2.950. ETH is down more than 5%, trading below $2,880, and could continue to fall.
- Ethereum started a new decline below USD 2,950 and USD 2,900.
- The price is trading below $2,880 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $2,990 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 Drops More Than 5%
The price of Ethereum did not stay above $3,000 and started a new decline, just like Bitcoin. The ETH price fell below $2,880 and entered a bearish zone.
There was a break below a key bullish trendline with support at $2,990 on the hourly chart of ETH/USD. The bears even pushed the price below $2,850. A low was formed at $2,815 and the price is showing bearish signs below the 23.6% Fib retracement level of the downward move from the $3,052 swing high to the $2,815 low.
The Ethereum price is now trading below $2,900 and the 100-hourly Simple Moving Average. If another upward move occurs, the price may encounter resistance near the $2,880 level.
The next major resistance is near the $2,940 level or the 50% Fib retracement level of the downward move from the $3,052 swing high to the $2,815 low. The first major resistance is around the $2,960 level. A clear move above the USD 2,960 resistance could send the price towards the USD 3,000 resistance. An upside break above the $3,000 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,050 resistance zone or even USD 3,150 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,960 resistance, it could trigger another decline. The initial downside support is near the $2,820 level. The first major support is near the $2,800 zone.
A clear move below the USD 2,800 support could push the price towards the USD 2,740 support. Any further losses could send the price towards the $2,720 region in the near term. The next major support is at USD 2,650 and USD 2,620.
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 – $2,800
Major resistance level – $2,940