Ethereum price has started a new decline from the $3,000 resistance level. Ethereum is currently consolidating its losses and could aim for a recovery if it moves above $3,120.
- Ethereum started declining again, trading below $2,920.
- The price is trading below $3,050 and the 100-hour simple moving average.
- On the hourly chart, the price has broken out of the major bearish trend line with resistance at $3,000. Ethereum/USD (data feed via Kraken).
- If the price sustains above the $2,900 zone, a new rally could begin.
Ethereum price tries to recover
Ethereum price failed to maintain stability above $3,050 and a new decline began, similar to Bitcoin. Ethereum The price entered the bearish zone below $3,020 and $3,000.
The bears pushed the price below $2,920. The price finally tested $2,865 and is currently consolidating losses. There was a small rally above the 23.6% Fib retracement level of the recent down move from the swing high of $3,366 to the swing low of $2,865. Additionally, the pair broke above a major bearish trendline with resistance at $3,000 on the hourly chart. Ethereum/USD.
Ethereum price is currently trading below $3,050 and its 100 hourly simple moving average. If the bulls can prevent further losses below $2,900, the price could try to move higher.
Immediate resistance is seen near the $3,065 level. The first major resistance level is near the $3,100 level. The next major resistance is near the $3,120 level and the 50% fibritracement level of the recent decline from the swing high of $3,366 to the swing low of $2,865. A clear break above the $3,120 resistance could send the price heading towards the $3,175 resistance.
A break above the $3,175 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,220 resistance zone and even $3,300 in the short term.
further decline Ethereum?
If Ethereum fails to break through the $3,065 resistance level, a fresh decline could begin. The first support on the downside is near the $2,980 level. The first major support is located near the $2,900 zone.
A clear move below the $2,900 support could push the price towards the $2,840 support. Any further losses could send the price towards the $2,780 area. The main support could be at $2,720.
technical indicators
Hourly MACD – MACD of Ethereum/USD is losing momentum in the bearish zone.
hourly RSI – RSI Ethereum/USD is currently above the 50 zone.
Major Support Level – $2,900
Major Resistance Level – $3,065
