Ethereum fell below the $3.100 resistance zone against the US dollar. To avoid a steep decline, the ETH price should remain above $3,000
- Ethereum fell below $3,120, $3,100 and $3,000.
- The 100-hourly simple moving Average and price are below $3150.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $3,140 (data feed via Kraken).
- If the pair moves above $3,200 it could begin a significant increase.
Ethereum price keeps fluctuating
Ethereum declined to settle below $3,000. ETH broke even the $3,080 threshold and settled lower than the simple moving average of 100 hours.
A low has been formed around $3,050. Currently losses are being corrected. A minor recovery wave occurred above the level of $3,100. The 50% Fib Retracement level at which Ether fell from its $3,195 high to the $3,050 lowest point was reached by Ether.
At the $31,135 level, there is the initial major resistance. On the hourly chart for ETH/USD, there is a bearish trend line that forms with resistance at $3,135 level. This trend line lies near the 61.8% Fib level of the decline from $3,195 swing highs to $3,050 lows.
Source: TradingView.com ETHUSD
The price may rise to the $3,190 zone or the 100-hourly simple moving average if there’s an upside breakout above the trendline. Near the $3,000.00 level is the next resistance. Above that, bullish momentum may be possible. The price may rise to $3,300 in this scenario.
What Are the Losses of ETH More?
It could move lower if ethereum does not start an increase above $3,150. The initial support for the downside is at the $3,080 mark.
Now, the first support level is near $3,050. An upside break below the level of $3,050 might trigger a movement below the level of $3,000 Nearly the $2880 area could provide bulls with the next significant support. A further loss could cause the price to reach $2,750.
Technical Indicators
Hourly MACD – In the bearish zone, the MACD of ETH/USD has been losing momentum.
Hourly RSI – The RSI is close to 50 for USD/ETH.
Major Support Level – $3,050
Major Resistance Level – $3,150
