Ethereum started another decline from the $3,030 resistance against the US Dollar. ETH even spiked below $2,800 and currently attempting an upside correction.
- Ethereum started a major decline below the $2,950 and $2,860 support levels.
- The price is now trading below $2,950 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $2,800 support to start a decent recovery in the near term.
Ethereum failed to gain pace for a move above the $3,030 resistance. ETH formed a top and started a major decline below the $2,950 support.
There was a sharp move below the $2,900 level and the 100 hourly simple moving average. Ether price even spiked below the $2,800 support zone. A new weekly low is formed near $2,766 and the price is now consolidating losses. It recovered above the $2,800 level.
There was a break above the 23.6% Fib retracement level of the recent decline from the $3,041 swing high to $2,766 low. On the upside, an initial resistance is seen near the $2,860 level.
The next major resistance is near the $2,900 level. There is also a key bearish trend line forming with resistance near $2,910 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $3,041 swing high to $2,766 low.
Source: ETHUSD on TradingView.comA clear move above the $2,910 resistance might start another increase. The next major resistance on the upside might be $2,950. Any more gains may perhaps send the price towards the $3,030 resistance.
More Losses in ETH?If ethereum fails to gain pace above the $2,900 level, it could continue to move down. An initial support on the downside is near the $2,800 zone.
The first major support is near the $2,765 level. If there is a downside break below the $2,765 support, the price could start another decline. The next key support is near the $2,650 zone, below which there is a risk of a move towards $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is well below the 50 level.
Major Support Level – $2,765
Major Resistance Level – $2,910
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