Ethereum continued to fall below the $3,000 level of support against the US dollar. The ETH market could see losses to the $2650 level in the immediate future.
- Ethereum continued to decline below the levels of $3,050 or $3,000 support.
- The 100-hourly moving average is at $3,000, and the price trades below it.
- The hourly chart for ETH/USD showed a breaking below the key bullish trendline with support at $3,120 (data feed via Kraken).
- If the pair moves below $2,800 support area, it could cause further losses.
Ethereum Price Drops 8%
Ethereum lost strength below the $3,250 mark and began a significant decline. ETH hit a record high of close to $3,272 just before it experienced a severe decline.
A sharp decline below the support levels at $3,120 and 3:050 was observed. A break was also seen below the key bullish trendline with support at $3,120 in the hourly chart for ETH/USD. The Ether price settled even below the $3,000 mark and the simple 100-hour moving average.
This price surged to below $2,900 and was traded as low at $2,808. Now, it is consolidating gains above the $2800 mark. Initial resistance lies near the $2900 level. The 23.6% Fib Retracement Level of the Recent Decline from the $3.272 Swing High to the $2,808 Low is within reach.
First major resistance lies near $3,000 or at the 50% Fib Retracement level for the recent drop from the $3.272 swing high down to the $2.808 low.
Source: TradingView.com, ETHUSD
A breakout of the upside resistance zone above $3,000 could see the price rise to the 100 hourly moving average. Next is the $3,200 mark.
Are There More Losses in Ethereum?
It could move lower if it fails to create a wave of recovery above $2,900. The $2,820 level is the initial support for the downside.
Near the $2,800 mark is the first support. A break below the $2800 level could trigger a strong fall. It is possible that the $2650 area will be the next support level for the bulls. A further loss could lead to the $2,500 price.
Technical Indicators
Minutely MACD – In the bearish zone, MACD is increasing in pace for USD/ETH.
Hourly RSI – The RSI is currently in the oversold region for ETH/USD.
Major Support Level – $2,800
Major Resistance Level – $3,000
