Ethereum price started a recovery wave above the USD 2,880 zone, but it failed near USD 3,050. ETH is falling and could struggle to stay above $2,920.
- Ethereum failed to stay above $3,000 and started a new decline.
- The price is trading below $2,990 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,880 zone.
Ethereum price drops again
Ethereum’s price managed to remain stable above $2,880 and started a recovery wave, just like Bitcoin. ETH price was able to break the USD 2,920 and USD 2,950 resistance levels.
The bulls even pumped the price above $3,000. However, the bears remained active around $3,050. A high was formed at $3,040 and the price started falling again. There was a move below the 23.6% Fib retracement level from the recent upward move from the $2,784 swing low to the $3,040 high.
Additionally, there was a break below a bullish trendline with support at $3,000 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 continue to act above $2,920, the price could rise again. 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 3,180 or even USD 3,200 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. The initial downside support is near the $2,920 level. The first major support is near the $2,880 zone or the 61.8% Fib retracement level of the recent upward move from the $2,784 swing low to the $3,040 high.
A clear move below the USD 2,880 support could push the price towards the USD 2,820 support. Any further losses could send the price towards $2,780. The main support could be at USD 2,740.
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