Ethereum
Bearish sentiment points to deeper decline
Ethereum Stabilizes Below $3,000
Ethereum price remained in a bearish zone below $3,150. ETH is moving lower again and the bears could target a drop below $2,800.
- Ethereum started a fresh decline below the $3,000 and $2,950 levels.
- Price is trading below $3,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct its losses, but gains could be limited above the $3,000 zone.
Ethereum Price Remains Exposed to Further Downside
Ethereum price failed to start a recovery wave above the $3,080 and $3,120 resistance levels. ETH started a fresh decline below the $3,000 support zone as BitcoinThere was a move below the $2,950 and $2,920 support levels.
The price declined by 6% and even tested the $2,820 support. A low was formed at $2,825 and the price is now consolidating its losses. The price is showing many bearish signs and is testing the 23.6% Fibonacci retracement level of the downward move from the $3,077 high to $2,825 low.
Ethereum trades below $3,000 and the 100-hour simple moving average. In case of recovery, the price could encounter resistance near the $2,920 level. The first major resistance is near the $2,950 level.
There is also a key bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD. The trend line is near the 50% Fibonacci retracement level of the downward move from the $3,077 high to $2,825 low.
The next major hurdle lies near the $3,000 level. A close above the $3,000 level could send Ether towards the $3,080 resistance. The next key resistance lies near $3,120. An upside break above the $3,120 resistance could send the price higher towards the $3,250 resistance zone.
More losses for ETH?
If Ethereum fails to break the $2,950 resistance, it could continue lower. The initial support on the downside is near $2,820. The first major support is near the $2,800 area.
A clear move below the $2,800 support could push the price towards $2,720. Any further losses could push the price towards the $2,650 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,820
Major Resistance Level – $2,950