Ethereum Drops To Key Support, Why ETH Remains At Risk

Ethereum continued to fall below the $3,000 level against the US Dollar. The price of Ethereum reached the $2850 level, and below that it may plunge.

  • Ethereum plunged below the $3,000 support threshold.
  • The current price trades below $2,950.
  • A break was seen below a bullish trend line, with support close to $3,065 in the hourly chart of Ethereum/USD (datafeed via Kraken).
  • If the pair fails to maintain USD 2,850 support, it could take further losses.

Ethereum Prices Drop to Major Support

Ethereum’s decline continued after it failed to maintain the $3,000 support level. ETH fell below $3,000, breaking the $2950 support zone. This decline was slower than the $2,900 threshold and below the simple 100-hour moving average.

Additionally, the pair broke below a bullish trend line, with support around $3,065 in an hourly chart. The pair went below the $2880 mark and reached the main support of $2,850.

The price has been consolidating its losses and is currently at $2,850. Near the $2920 level, there is immediate resistance to the upside. It is located near the $2930 level. This is close to the 23.6% Fib level of the slide from $3,196 swing lows to $2,850 highs.

Near the $2,965 mark is the next significant resistance. The price could reach $3,000. If the market moves above $2,965, it will be clear. A 50% Fib retracement of the current slide from the $3.196 swing low to the $2.850 low is near the $3.020 resistance area.

Ethereum Price

Source: TradingView.com ETHUSD

The steady rise could be initiated by a successful closing above $3,000.020 The price may rise to $3,200 in the above case.

What Are the Losses of ETH More?

It could move lower if it fails to create a wave of recovery above $2,965 levels. The $2,880 level is the initial support for the downside.

Near the $2,850 mark is the next support. A negative break below $2,850 may trigger another big decline. Next is $2,800. If there are more losses, it might be necessary to move toward $2720.

Technical indicators

Hourly MACDIn bearish territory, the MACD for Ethereum/USD continues to grow.

Hourly RSIThe RSI is currently below 40 for USD/ETH.

Major Support Level – $2,850

Major Resistance Level – $2,965

Get more Crypto News at CFX Magazine