Ethereum price has started a new decline from the $3,200 resistance level. ETH is currently consolidating losses and is at risk of further losses below $2,880.
Ethereum fell below $3,000 and began a sharp downward correction. The price is trading below $3,000 and the 100 hourly simple moving average. The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trend line forming at the $3,020 resistance level. A break above the $2,880 zone could start a new rally.
Ethereum price falls by more than 5%
The price of Ethereum could not remain stable above $3,200 and started a new decline, similar to Bitcoin. ETH price fell below $3,150 and $3,120 and entered the bearish zone.
The bears pushed the price below $3,000. Price ultimately tested $2,910 and is currently consolidating losses below the 23.6% Fib retracement level of the recent decline from the swing high of $3,367 to the swing low of $2,910. On the hourly chart of ETH/USD, there is also a major bearish trendline forming resistance at $3,020.
Ethereum price is currently trading below $3,000 and the 100 hourly simple moving average. If the bulls can prevent further losses below $2,880, the price could try to move higher.
Immediate resistance is seen near the $3,020 level. The first major resistance level is near the $3,080 level. The next major resistance level is near the $3,120 level. A clear move above the $3,120 resistance could send the price towards the $3,150 resistance or the 50% Fib retracement level of the recent decline from the swing high of $3,367 to the swing low of $2,910.
A break above the $3,150 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.
Will ETH continue to decline?
If Ethereum fails to break through the $3,020 resistance level, a fresh decline could begin. The first support on the downside is near the $2,920 level. The first major support is located near the $2,880 zone.
A clear move below the $2,880 support could push the price towards the $2,800 support. Any further losses could send the price towards the $2,750 area. The main support could be at $2,650.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $2,880
Major Resistance Level – $3,020
