Ethereum experienced bearish sentiment below the level of $3,100 against the US dollar. The ETH market fell further and closed below the $3,000 support level.
- Ethereum began a decline, trading below the $3,000 threshold.
- The current price trades below $3,050.
- A connecting bearish trendline is visible with resistance at $2,990 (data feed via Kraken).
- However, the upsides of this pair might not be as good as it used to be.
Ethereum’s Price Continues to Decline
Ethereum maintained a bearish trend below $3,120. ETH moved further into a bearish area after breaking the $3,000 key support zone.
Even below $2,980 was pushed by the bears. The price has been consolidating its losses since a low was formed at $2,951. Aside from that, the ether price has fallen below $3,050 as well as the 100-hourly simple moving median. An initial resistance level of $2,990 is expected to be the best.
A connecting bearish trendline is also visible on the hourly chart for ETH/USD. It forms resistance at $2,990. Next is resistance at the $3,000.35 level. This is close to the 23.6% Fib Retracement Level of the recent fall from $3,308 high swing low to $2,951 high.
An increase in the level above $3,035 could signal a solid recovery wave. Near the $3,130 mark could lie next to major resistance. Near $3,130 is the 50% Fib Retracement Level of the decline from $3,308 swing highs to $2,951 lows.
Source: TradingView.com ETHUSD
The chances of trend changes could be increased if the price moves above the $3.130 resistance. The price may rise above $3,150 in the case mentioned.
Are There More Losses in Ethereum?
Ethereum could fall further if there is no recovery wave at the $3,035 mark. Near the $2,965 level is initial support.
Next major support will be at the $2950 level. The price may continue to fall if it breaks below $2,950. If this happens, then the price of the stock could fall towards $2,820, or even $2,000.
Technical Indicators
Hourly MACD – Slowly, the MACD of ETH/USD slows down in the bearish area.
Hourly RSI – The RSI of ETH/USD has now corrected higher to the level 40.
Major Support Level – $2,950
Major Resistance Level – $3,035
