The Ethereum price did not stay above $3,000 and was tested $2,870. ETH is now trying to recover but is facing resistance around $3,100.
- Ethereum started a new decline after failing to stay above $3,050.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $3,000 zone.
Ethereum price faces hurdles
The price of Ethereum did not remain above $3,150 and started a new decline, just like Bitcoin. The ETH price fell below $3,050 and entered a bearish zone.
The decline accelerated below $3,000 and the price fell below $2,950. A low was formed at $2,870 and the price is now correcting some losses. There was a move above the 50% Fib retracement level from the recent decline from the $3,165 swing high to the $2,870 low.
Ethereum price is now trading below $3,100 and the 100-hourly Simple Moving Average. If another recovery wave comes, the price could face resistance near the $3,050 level and the 61.8% Fib retracement level from the recent decline from the $3,165 swing high to the $2,870 low.
The next major resistance is near the $3,100 level. There is also a major bearish trendline forming with resistance at $3,100 on the hourly chart of ETH/USD. The first major resistance is around the $3,150 level. A clear move above the USD 3,150 resistance could send the price towards the USD 3,200 resistance. An upside break above the $3,200 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,320 or even $3,350 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,100 resistance, it could trigger another decline. The initial downside support is near the USD 3,000 level. The first major support is near the $2,940 zone.
A clear move below the USD 2,940 support could push the price towards the USD 2,880 support. Any further losses could send the price towards the $2,820 region in the near term. The next major support is at USD 2,750 and USD 2,740.
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 above the 50 zone.
Major Support Level – $3,000
Major resistance level – $3,100