Ethereum price started a decent upward move but failed near USD 3,050. ETH is struggling now and could fall further below $2,900.
- Ethereum started a recovery wave but struggled above $3,000.
- The price is trading below $2,950 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming at resistance at $2,930 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $2,880 zone.
Ethereum price drops again
Ethereum price started a recovery wave above the USD 2,920 and USD 2,950 levels, just like Bitcoin. ETH price even climbed above the USD 3,000 resistance before the bears appeared.
A high was reached at $3,053, and the price started falling again. There was a sharp decline below USD 3,000 and USD 2,980. The bears even pushed the price below $2,950. A low was formed at $2,907 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $3,053 swing high to the $2,907 low.
Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If the bulls can recoup more losses below $2,900, the price could attempt another recovery wave.
Immediate resistance is seen around the $2,940 level. Moreover, in the short term, a contracting triangle is forming with resistance at $2,930 on the hourly chart of ETH/USD. The first major resistance is near the $2,955 level. The next major resistance is around the $2,980 level. It is close to the 50% Fib retracement level of the downward move from the $3,053 swing high to the $2,907 low.
A clear move above the USD 2,950 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 3,050 or even USD 3,120 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,955 resistance, it could trigger another decline. The initial downside support is near the $2,900 level.
The first major support is near the $2,880 zone. A clear move below the USD 2,880 support could push the price towards the USD 2,840 support. Any further losses could send the price towards $2,800. The next major support is at $2,720.
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 – $2,900
Major resistance level – $2,955