Ethereum price extended losses and tested the $2,940 support. ETH could begin a fresh increase if it clears the $3,000 and $3,030 resistance levels.
- Ethereum remained in a bearish zone and traded below the $3,000 level.
- The price is trading below $3,050 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance at $2,980 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to stay above the $2,940 support to begin another rise towards $3,220.
Ethereum price drops below $3,000
Ethereum price remained in a bearish zone and extended losses below the $3,050 level, like Bitcoin. ETH bears managed to push the price below the $3,000 level.
A low has formed at $2,936 and the price is now consolidating losses. Ethereum is trading below $3,050 and the 100 hourly simple moving average. Recently, there was a break above a key downtrend line with resistance at $2,980 on the ETH/USD hourly chart.
Immediate resistance is near the $3,000 level or the 23.6% Fibonacci retracement level of the recent decline from the $3,218 high to the $2,936 low. The first major resistance is near the $3,030 level or the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The next key resistance lies at $3,080 or the 50% Fib retracement level of the recent decline from the $3,218 high to the $2,936 low, above which the price could gain ground and rise towards the $3,150 level . If there is a clear move above the $3,150 level, the price could rise and test the $3,220 resistance. Any further gains could send Ether towards the $3,350 resistance zone.
More losses in ETH?
If Ethereum fails to clear the $3,030 resistance, it could begin another decline. Initial downside support is near the $2,965 level. The first major support is near the $2,940 zone.
The next support is near the $2,880 level. A clear move below the $2,880 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 losing 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 – $3,030
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