Ethereum settled below the $3,000 support zone against the US Dollar. ETH rate might resume its decrease unless there is a clear break above the $3,000 resistance zone.
- Ethereum started a fresh decline below the $3,100 and $3,000 support levels.
- The rate is now trading below $3,000 and the 100 per hour easy moving average.
- There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The set might resume its decrease unless there is a clear break above the $3,000 resistance zone.
Ethereum Price Remains At Risk
Ethereum started another decline from the $3,100 resistance zone. ETH traded below lots of crucial assistance zones near $3,000 and the 100 per hour easy moving average, comparable to bitcoin.
The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the rate is now remedying losses. There was a break above the $2,800 and $2,850 resistance levels.
The rate recuperated above the 23.6% Fib retracement level of the current drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is likewise a significant bearish pattern line forming with resistance near $3,000 on the per hour chart of ETH/USD.
The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance might begin a good healing. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level might begin a consistent boost. The next significant resistance sits near $3,135 and the 100 per hour SMA.
More Losses in ETH?
If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An preliminary assistance on the disadvantage is near the $2,800 level.
The next major support seems to be forming near the $2,650 level. A disadvantage break below the $2,650 assistance zone might lead the rate towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gradually losing speed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $2,650
Major Resistance Level – $3,000
