Ethereum continued to fall below the $3,000.00 support zone in relation to the US Dollar. ETH is still in danger of a sharp fall below $3,000.
- Ethereum continued to decline below the levels of $3,200, and $3,150 support.
- The daily simple moving average is at 100 hours and the price trades below $3,000.
- A major bearish trendline is emerging with resistance close to $3,120 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- A clear of the $3,120 resistance level and $3,150 resistance levels, it could trigger a new rise.
Ethereum price faces resistance
Ethereum continued to fall below the $3,000. support zone. ETH broke even the $3,150 level of support and settled lower than the 100-hourly simple moving average.
Even below $3,120 was a break. The low was formed at $3,050. It is currently correcting its losses. This is currently near the $3,085 resistance. It is now near 23.6% Fib resistance, which was the level at which the price dropped from the $3.192 swing high to the $3.050 low.
At the $3,000.120 level, there is the initial major resistance. A major bearish trendline is also visible on the hourly chart. It points to resistance around $3,120. Trend line at 50% Fib Retracement Level of recent Drop from the $3.192 swing High to the $3.050 Low.
Source: TradingView.com, ETHUSD
A breakout of the trend line could see the price rise to $3,200. Near the $3225 level is the next resistance, where bullish momentum may be possible. The price may rise to $3,350 within the next few months in this scenario.
What Are the Losses of ETH More?
Ethereum could fall further if it fails to increase beyond the $3,120 mark. The initial support for the downside is at the $3,050 mark.
At the $3,000 level, there is a first important support. In the short term, a downside breakout below $3,000 could accelerate losses. Next major support for the bulls could possibly be at the $28,80 handle. In the next few days, any further losses could push the price to the $2,000.750 mark.
Technical Indicators
Hourly MACD – In the bearish zone, the MACD for USD/ETH is currently moving at a faster pace.
Hourly RSI – The RSI of ETH/USD remains well below 50.
Major Support Level – $3,050
Major Resistance Level – $3,120