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.
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 MACD – In bearish territory, the MACD for Ethereum/USD continues to grow.
Hourly RSI – The RSI is currently below 40 for USD/ETH.
Major Support Level – $2,850
Major Resistance Level – $2,965
