Ethereum price drops below $3,00 and begins a new decline0. ETH is currently consolidating and could soon aim to start a recovery wave above $2,980.
- Ethereum started a new decline from the $3,175 zone.
- The price is trading below $3,000 and the 100 hourly simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a connecting bearish trend line forming resistance at $3,120.
- If it breaks below the $2,920 zone, the pair could continue to fall.
Ethereum price falls by 5%
Ethereum price failed to rise above $3,150 and a new decline began, similar to Bitcoin. ETH price fell below $3,120 and $3,050 and entered the bearish zone.
The bears pushed the price below $3,000. The low formed at $2,916 and the price is currently consolidating losses below the 23.6% Fib retracement level of the decline from the swing high of $3,175 to the low of $2,916.
Ethereum price is currently trading below $3,000 and the 100 hourly simple moving average. Additionally, a bearish trend line has formed on the hourly chart of ETH/USD that connects with the resistance level at $3,120.
If there is further upside, the price could face resistance near the $2,980 level. The next major resistance is around the $3,050 level and the 50% fibritracement level of the decline from the $3,175 swing high to the $2,916 low. The first major resistance level is near the $3,080 level. A clear break above the $3,080 resistance could send the price heading towards the $3,120 resistance. A break above the $3,120 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,175 resistance zone and even $3,200 in the short term.
Further losses for ETH?
If Ethereum fails to break through the $2,980 resistance level, a fresh decline could begin. The first support on the downside is near the $2,950 level. The first major support is located near the $2,920 zone.
A clear move below the $2,920 support could push the price towards the $2,880 support. Any further losses could send the price towards the $2,840 area. The next significant support is $2,800.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bearish zone.
hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $2,920
High resistance level – $3,080
