Ethereum fell below $3,050. It corrected lower against USD. The ETH market is in decline and may test the $2,800 resistance zone within the next few days.
- Ethereum stopped rising above $3,040. It began a downward correction.
- The price traded at $2,880 above the 100 hour simple moving average.
- A break was seen below a bullish trend line, with support close to $2960 on an hourly chart of Ethereum/USD (datafeed via Kraken).
- If the pair breaks the 100-hourly SMA, it could continue to fall towards $2800 support.
Ethereum price corrects lower
Ethereum managed to break the $3,000 resistance barrier. However, ETH was unable to sustain momentum beyond the $3,040 mark. Near $3,042 was the high and the price began to decline.
The move was below the $2,950 and $3,000 levels. On the hourly chart for ETH/USD, it was also below a crucial bullish trend line. Support is near $2,960. This pair was trading below 23.6% Fib Retracement Level of the Recent Wave, from $2,560 swing high to $3,042 low.
The 100-hourly simple moving average and $2,880 are now the highest levels of trading. The upside is that ether prices are facing resistance at the $2,930 mark.
Source: TradingView.com, ETHUSD
Near the $2,950-$2,960 levels is where you will find the first significant resistance. Main resistance remains at the $3,050 and $3,000 levels. An increase in the price could be possible if it moves beyond the $3,050 mark. If the previous scenario is true, then the price might rise up to $3,120, or even $3,000.
There are more downsides to ETH
It could continue to decline if ethereum does not start an increase above $2,950. Initial support for the downside lies near the $2880 level, and the 100-hourly simple moving average.
Near the $2840 support level is the next significant support. Below which, the price could decline to the $2800 support. The Fib level is close to the 50% fib retracement of the wave that went from $2,560 low to $3,042 top. In the short term, any further losses could force a shift towards the $2750 level.
Technical Indicators
Hourly MACD – In the bearish zone, the MACD for USD/ETH is currently moving at a faster pace.
Hourly RSI – The RSI is currently below the 50 level for Ethereum/USD.
Major Support Level – $2,880
Major Resistance Level – $3,000
