Ethereum Nosedives, Indicators Show Signs of Larger Downtrend

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.

Ethereum Price

Source:, 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 MACDIn the bearish zone, MACD is increasing in pace for USD/ETH.

Hourly RSIThe RSI is currently in the oversold region for ETH/USD.

Major Support Level – $2,800

Major Resistance Level – $3,000

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