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Ethereum price started a fresh decline and traded below $3,000. ETH must remain above the $2,800 and $2,850 support levels to avoid a significant decline.
- Ethereum started a fresh decline and tested the $2,900 zone.
- The price is trading below $3,120 and the 100 hourly simple moving average.
- There is a connected downtrend line with resistance at $3,120 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to decline if it stabilizes below the $2,850 support.
Ethereum price plunges again
Ethereum price struggled to accelerate past the $3,250 level and began a further decline, like Bitcoin. ETH traded below the $3,120 level. The bears even pushed the price below the $3,000 level.
A low was formed at $2,916 and the price is currently consolidating. There was a slight increase above the $3,000 level. The price tested the 23.6% Fibonacci retracement level of the downward move from the $3,356 high to $2,916 low. However, the bears were active near the $3,000 and $3,020 levels.
Ethereum is now trading below $3,120 and the 100 hourly simple moving average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100 hourly simple moving average.
There is also a downtrend line forming with resistance at $3,120 on the ETH/USD hourly chart. The trendline is near the 50% Fibonacci retracement level of the downward move from the $3,356 high to $2,916 low.
Source: ETHUSD on TradingView.com
The next key resistance lies at $3,185, above which the price could gain ground and reach the $3,250 level. A close above the $3,250 resistance could push the price towards the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any further gains could send Ether towards the $3,620 resistance zone.
More disadvantages in ETH?
If Ethereum fails to breach the $3,120 resistance, it could continue to fall. Initial downside support is near the $2,940 level and the channel zone. The first major support lies near the $2,850 area.
The main support is near the $2,800 level. A sharp move below the $2,800 support could push the price towards $2,650. Any further losses could push the price towards the $2,540 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 level.
Major Support Level – $2,940
Major Resistance Level – $3,120
Disclaimer: The article is provided for educational purposes only. It does not represent the views of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.
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