Ethereum Plunges, Can Buyers Save The Key $3K Support?

Ethereum fell below the $3.100 resistance zone against the US dollar. To avoid a steep decline, the ETH price should remain above $3,000

  • Ethereum fell below $3,120, $3,100 and $3,000.
  • The 100-hourly simple moving Average and price are below $3150.
  • On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $3,140 (data feed via Kraken).
  • If the pair moves above $3,200 it could begin a significant increase.

Ethereum price keeps fluctuating

Ethereum declined to settle below $3,000. ETH broke even the $3,080 threshold and settled lower than the simple moving average of 100 hours.

A low has been formed around $3,050. Currently losses are being corrected. A minor recovery wave occurred above the level of $3,100. The 50% Fib Retracement level at which Ether fell from its $3,195 high to the $3,050 lowest point was reached by Ether.

At the $31,135 level, there is the initial major resistance. On the hourly chart for ETH/USD, there is a bearish trend line that forms with resistance at $3,135 level. This trend line lies near the 61.8% Fib level of the decline from $3,195 swing highs to $3,050 lows.

Ethereum Price

Source: ETHUSD

The price may rise to the $3,190 zone or the 100-hourly simple moving average if there’s an upside breakout above the trendline. Near the $3,000.00 level is the next resistance. Above that, bullish momentum may be possible. The price may rise to $3,300 in this scenario.

What Are the Losses of ETH More?

It could move lower if ethereum does not start an increase above $3,150. The initial support for the downside is at the $3,080 mark.

Now, the first support level is near $3,050. An upside break below the level of $3,050 might trigger a movement below the level of $3,000 Nearly the $2880 area could provide bulls with the next significant support. A further loss could cause the price to reach $2,750.

Technical Indicators

Hourly MACDIn the bearish zone, the MACD of ETH/USD has been losing momentum.

Hourly RSIThe RSI is close to 50 for USD/ETH.

Major Support Level – $3,050

Major Resistance Level – $3,150

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