Ethereum price remained in a bearish zone below the $3,150 zone. ETH is heading lower again and the bears could be aiming for a drop below $2,800.
- Ethereum started a fresh decline below the USD 3,000 and USD 2,950 levels.
- The price is trading below $3,000 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct losses, but upside could be limited above the $3,000 zone.
Ethereum price remains at risk of more downsides
Ethereum price failed to initiate a recovery wave above the USD 3,080 and USD 3,120 resistance levels. ETH started to drop below the $3,000 support zone again, as did Bitcoin. There was a move below the USD 2,950 and USD 2,920 support levels.
The price fell 6% and even tested the USD 2,820 support. A low was formed at $2,825 and the price is now consolidating losses. The price is showing many bearish signs, testing the 23.6% Fib retracement level of the downward move from the $3,077 swing high to the $2,825 low.
Ethereum is trading below $3,000 and the 100-hour Simple Moving Average. If a recovery wave comes, the price may encounter resistance 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 around $2,950 on the hourly chart of ETH/USD. The trendline is close to the 50% Fib retracement level of the downward move from the $3,077 swing high to the $2,825 low.
The next major hurdle is near the USD 3,000 level. A close above the USD 3,000 level could send Ether towards the USD 3,080 resistance. The next major resistance is near USD 3,120. An upside break above the USD 3,120 resistance could send the price higher towards the USD 3,250 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 2,950 resistance, it could continue to decline. The initial downside support is near USD 2,820. The first major support is near the $2,800 zone.
A clear move below the USD 2,800 support could push the price towards USD 2,720. Any further losses could send the price towards the USD 2,650 level in the near term.
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 – $2,820
Major resistance level – $2,950
