Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum failed to clear a major hurdle near $3,165 against the US Dollar. ETH price is declining and it remains at a risk of a move below $2,800.
- Ethereum started an upside correction above $3,000, but it failed near $3,165.
- The price is now trading below $3,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $3,030 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend decline if it breaks the $2,900 support zone in the near term.
Ethereum Price Is Trimming Gains
Ethereum started a fresh increase from the $2,740 low, similar to bitcoin. ETH broke the $2,950 and $3,000 resistance levels. It also cleared the $3,100 level and the 100 hourly simple moving average.
However, the bears protected a major refection zone near $3,165. A high was formed near $3,165 and the price started a fresh decline. Ether price declined below the $3,100 and $3,050 support levels. The price even traded below the 50% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high.
It is now trading below $3,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $3,030 on the hourly chart of ETH/USD. On the upside, an immediate resistance is near the $3,000 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,030 level. A break above $3,000 and $3,030 could lead the price towards the main breakout zone at $3,165. A close above the $3,165 resistance could push the price further higher towards $3,320.
More Losses in ETH?
If ethereum fails to continue higher above the $3,000 and $3,030 resistance levels, it could extend its decline. An initial support on the downside is near the $2,920 level.
The next major support seems to be forming near the $2,900 level. It is close to the 61.8% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high. If ether fails to stay above $2,900, it could accelerate lower towards the $2,740 swing low.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $2,900
Major Resistance Level – $3,030
