Ethereum price extended losses and traded below the $2,865 zone. ETH is now consolidating losses and could aim for a recovery if it clears $2,920.
- Ethereum remained in a bearish zone and traded below $2,950.
- The price is trading below $2,900 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,800 zone.
Ethereum price continues to fall
Ethereum’s price failed to hold steady above $2,950 and extended losses, just like Bitcoin. ETH price fell below USD 2,880 and USD 2,865 to enter a bearish zone.
The bears even pushed the price below $2,840. The price eventually tested USD 2,800 and is currently consolidating losses. There was a small upward move above the 23.6% Fib retracement level of the downward wave from the $3,067 swing high to the $2,784 swing low.
The Ethereum price is now trading below $2,900 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below $2,800, the price could try to rise again.
Immediate resistance is seen near the $2,920 level. A bearish trendline is also forming with resistance at $2,920 on the hourly chart of ETH/USD. The first major resistance is near the $2,960 level or the 61.8% Fib retracement level of the downward wave from the $3,067 swing high to the $2,784 swing low. The next major resistance is around the $3,000 level. A clear move above the USD 3,000 resistance could send the price towards the USD 3,065 resistance.
An upside break above the $3,065 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,120 or even $3,150 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,920 resistance, it could trigger another decline. The initial downside support is near the $2,840 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 2,780 support. Any further losses could send the price towards $2,720. The main support could be at $2,650.
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 below the 50 zone.
Major Support Level – $2,800
Major resistance level – $2,920