Ethereum price remained in a bearish zone below the $3,250 zone. ETH dipped below the $3,000 support and even tested the $2,850 zone.
- Ethereum started a fresh decline below the USD 3,120 and USD 3,000 levels.
- The price is trading below $3,000 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct losses, but upside could be limited above the $3,120 zone.
Ethereum price plunges 8%
Ethereum price failed to initiate a recovery wave above the USD 3,150 and USD 3,200 resistance levels. ETH started to decline again below the USD 3,120 support zone, just like Bitcoin. There was a move below the USD 3,050 and USD 3,000 support levels.
The price fell 8% and even tested the $2,850 support. A low was formed at $2,862 and the price is now consolidating losses. The price is showing many bearish signs and is trading well below the 23.6% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 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 USD 2,960 level. The first major resistance is around the $3,000 level.
There is also a major bearish trendline forming with resistance near $3,000 on the hourly chart of ETH/USD. The next major hurdle is near the $3,120 level or the 50% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low.
A close above the $3,120 level could send Ether towards the $3,200 resistance. The next major resistance is near USD 3,250. An upside break above the USD 3,250 resistance could send the price higher towards the USD 3,350 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the $3,000 resistance, it could continue to decline. The initial downside support is near USD 2,850. 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 – $2,850
Major resistance level – $3,000