After it was rejected at $3,300, Ethereum began a new decline. The ETH price may fall to $3,000 soon.
- Ethereum experienced a new downturn after being rejected near $3280 and $3300.
- The current price trades below $3,220.
- On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $3,320 (data feed via Kraken).
- If the pair trades below $3,150, it could fall to $3,000
Ethereum price declines
Ethereum tried an upside correction higher than the $3,220 mark. ETH was able to move above $3,250, although the bears appeared close to $3,300.
Near $3,307 was the high and then the price began to decline again. The price fell below the $3.250 and $3.220 support levels. Ether traded even below the connecting bullish trendline with support at $3,220 per hourly chart.
The price is currently trading at $3,200 below the simple moving average of 100 hours. It has reached a low near $3,154. The price is consolidating losses.
Surprisingly, a resistance level is near $3,190. This is close to the 23.6% Fib level of the decline from the high point at $3,307 and low at $3,154. It is close to the $3,235 mark.
Near $3,235 is the 50% Fib level that retraced the decline from $3,307 swing highs to $3,154 lows. Resistance is located near the level of $3,260 and the 100-hourly simple moving average. On the hourly chart of Ethereum/USD, there’s a bearish trendline that forms with resistance close to $3,320.
Source: TradingView.com ETHUSD
If the price moves above the $3260 resistance, then the trend line could signal a gradual increase. The price may rise above $3,300 in the case mentioned.
What Are the Losses of ETH More?
It could move lower if ethereum does not start an increase above $3,260. The $3,150 level is the initial support for the downside.
Near the $3,120 support level is the next major support. A downside breakout below the support level of $3,120 could cause the price to drop further. If this happens, then the price might even drop to $3,000.
Indicators of technical importance
Hourly MACD – Slowly, the MACD for USD/ETH is gaining momentum in the bearish area.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $3,150
Major Resistance Level – $3,260
