Ethereum’s price started a major decline after it failed to clear $3,050. ETH has fallen 10% and is now struggling to stay above the $2,700 support.
- Ethereum failed to stay above $2,880 and started a new decline.
- The price is trading below $2,800 and the 100-hourly Simple Moving Average.
- A steep bearish trendline is forming with resistance at $2,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,700 zone.
Ethereum Price Drops 10%
The price of Ethereum did not remain stable above $2,880 and, like Bitcoin, started a major decline. ETH price traded below $2,820 to enter a bearish zone.
The bears even pushed the price below $2,750. A low was formed at $2,680 and the price is now showing bearish signs below the 23.6% Fib retracement level from the recent decline from the $3,040 swing high to the $2,680 low. There is also a steep bearish trendline forming with resistance at $2,820 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $2,800 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,700, the price could rise again. Immediate resistance is seen around the $2,765 level. The first major resistance is near the $2,820 level and trendline.
The next major resistance is near the $2,860 level and the 50% Fib retracement level of the recent decline from the $3,040 swing high to the $2,680 low. A clear move above the USD 2,860 resistance could send the price towards the USD 2,900 resistance. An upside break above the $2,900 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,000 or even USD 3,050 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,820 resistance, it could trigger another decline. The initial downside support is near the $2,700 level. The first major support is near the $2,680 zone.
A clear move below the USD 2,680 support could push the price towards the USD 2,620 support. Any further losses could send the price towards $2,550. The main support could be $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 – $2,700
Major resistance level – $2,820