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Ethereum price started a fresh decline and traded below $2,920. ETH could gain bearish momentum if there is a close below the $2,800 support zone.
- Ethereum remained in a bearish zone and traded below the $2,900 zone.
- The price is trading below $2,950 and the 100 hourly simple moving average.
- There is a connected downtrend line with resistance at $3,050 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to decline if it remains below the $3,050 resistance.
Ethereum price extends losses
Ethereum price remained in a bearish zone below the $3,120 level, similar to Bitcoin. ETH has been trading below the $3,000 level. The bears even pushed the price below the $2,920 level.
A low formed at $2,813 and the price is currently consolidating. There was a slight increase above the $2,900 level. The price tested the 23.6% Fibonacci retracement level of the descending wave from the $3,355 high to $2,813 low. However, the bears were active near the $2,950 and $2,965 levels.
Ethereum is now trading below $3,000 and the 100 hourly simple moving average. Immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 level and the 100 hourly simple moving average.
There is also a downtrend line forming with resistance at $3,050 on the ETH/USD hourly chart. The trendline is near the 50% Fibonacci retracement level of the descending wave from the $3,355 high to $2,813 low.
Source: ETHUSD on TradingView.com
The next key resistance lies at $3,085, above which the price could gain ground and reach the $3,150 level. A close above the $3,150 resistance could push the price towards the $3,250 resistance. If there is a move above the $3,250 resistance, Ethereum could even test the $3,350 resistance. Any further gains could send Ether towards the $3,500 resistance zone.
More disadvantages in ETH?
If Ethereum fails to breach the $3,050 resistance, it could continue to decline. Initial downside support is near the $2,850 level. The first major support lies near the $2,820 area.
The main support is near the $2,820 level. A sharp move below the $2,820 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 – $2,820
Major Resistance Level – $3,050
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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