The Ethereum price did not remain above $2.950 and rejected again. ETH is now consolidating and could soon attempt another recovery wave if it clears $2,850.
- Ethereum started a new decline below the $2,920 zone.
- The price is trading below $2,900 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $2,925 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 faces renewed selling pressure
Ethereum’s price tried to rise again but, like Bitcoin, struggled above $2,950. ETH price fell below USD 2,920 and USD 2,900 to enter a bearish zone.
The bears even pushed the price below $2,820. A low was formed at $2,775 and the price is now consolidating losses well near the 23.6% Fib retracement level of the downward move from the $2,993 swing high to the $2,775 low.
Ethereum price is now trading below $2,870 and the 100-hourly Simple Moving Average. Additionally, a connecting bearish trendline is forming with resistance at $2,925 on the hourly chart of ETH/USD.
If another upward move occurs, the price may encounter resistance near the $2,850 level. The next major resistance is near the $2,880 level and the 50% Fib retracement level of the downward move from the $2,993 swing high to the $2,775 low. The first major resistance is near the $2,925 level and the trendline.
A clear move above the USD 2,925 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 3,080 or even USD 3,120 resistance zone in the short term.
Disadvantage of continuation in ETH?
If Ethereum fails to clear the USD 2,850 resistance, it could trigger another decline. The initial downside support is near the USD 2,800 level. The first major support is near the $2,775 zone.
A clear move below the USD 2,775 support could push the price towards the USD 2,720 support. Any further losses could send the price towards $2,640. The next major support is at $2,620.
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 – $2,775
Major resistance level – $2,880