The Ethereum price could not stay higher than $3.000 and dropped. ETH is now showing bearish signs and could fall further below $2,880.
- Ethereum started a new decline below USD 3,000 and USD 2,980.
- The price is trading below $2,950 and the 100-hourly Simple Moving Average.
- There was a break below an ascending channel with support at $2,980 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $2,880 zone.
Ethereum price is rejected
Ethereum’s price failed to stay above the $3,000 pivot level and started a new decline, just like Bitcoin. ETH price fell below $2,980 and entered a bearish zone.
The bears were able to push the price below the 50% Fib retracement level of the upward move from the $2,775 swing low to the $3,075 high. Additionally, there was a break below a rising channel with support at $2,980 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,980 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below USD 2,880, the price could start a new recovery.
Immediate resistance is seen around the $2,980 level. The first major resistance is near the $3,000 level. The next major resistance is around the $3,050 level. 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 USD 3,200 or even USD 3,220 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 3,000 resistance, it could trigger another decline. Initial downside support is near the $2,880 level and the 61.8% Fib retracement level of the upward move from the $2,775 swing low to the $3,075 high.
The first major support is near the $2,845 zone. A clear move below the USD 2,845 support could push the price towards the USD 2,800 support. Any further losses could send the price towards $2,775. The next major support is at $2,720.
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 – $2,880
Major resistance level – $3,000