The Ethereum price fell below $3,000 against the US Dollar. If it remains below $3,000, the ETH price will continue to fall.
- Ethereum began a downtrend correction when it couldn’t stay above $3,200.
- The 100-hourly moving average and price are now below $3,000
- On the hourly chart for ETH/USD, there is resistance around $2,000. (Data feed via Kraken).
- A clear break below the $2800 support zone could cause further decline.
Ethereum’s Price is at Risk
Ethereum fell below the $3,020 support and $3,000 level. ETH continued to fall below the $2950 support level and settled below the 100 hourly simple moving mean.
It fell below $2900. The price has now fallen to $2,832 near the low point. The $2,880 mark is the immediate resistance. Near the $2,950 mark is the first significant resistance.
On the hourly chart for ETH/USD, there is a major channel that has been declining with resistance at $2900. Channel resistance lies near 23.6% Fib level, which is the retracement of the decline from $3,141 swing high, to $2,832 low.
Source: TradingView.com, ETHUSD
Resistance is located near $3,000 and the 100-hourly simple moving average. This coincides with 50% Fib Retracement levels of recent falls from $3,141 swing high at $2,832 low. An increase in the price could occur if we close at $3,000 or higher. If this is the case, then the price may rise above the levels of $3,050 to $3,080. The price could rise to $3,120 if there are more gains.
Are There More Losses in Ethereum?
If the ethereum price does not rise above $3,000 and $2,900 respectively, then it may continue falling. The $2,830 level is the initial support for the downside.
Next major support will be near the $2800 level. If the downside breaks below $2,800, the price might move towards $2,720. Near the $2,650 support level is the next important support. Below that, there’s a chance of a bigger decline. If the previous scenario is true, then the price could reach $2,550.
Technical Indicators
Minutely MACD – In the bearish zone, MACD is increasing in pace for USD/ETH.
Hourly RSI – The RSI of ETH/USD is less than the 50 level.
Major Support Level – $2,800
Major Resistance Level – $3,000
