Ethereum price started a fresh decline from the $3,000 resistance. ETH is now consolidating losses and might aim for a recovery if it clears $3,120.
- Ethereum started another decline and traded below $2,920.
- The price is trading below $3,050 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $2,900 zone.
Ethereum Price Attempts Recovery
Ethereum price failed to remain stable above $3,050 and started a fresh decline, like Bitcoin. ETH price declined below $3,020 and $3,000 to enter a bearish zone.
The bears even pushed the price below $2,920. The price finally tested $2,865 and is currently consolidating losses. There was a minor upside above the 23.6% Fib retracement level of the recent downward move from the $3,366 swing high to the $2,865 swing low. Besides, there was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,050 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $2,900, the price could attempt another increase.
Immediate resistance is seen near the $3,065 level. The first key resistance is near the $3,100 level. The next major resistance is near the $3,120 level and the 50% Fib retracement level of the recent downward move from the $3,366 swing high to the $2,865 swing low. A clear move above the $3,120 resistance might send the price toward the $3,175 resistance.
An upside break above the $3,175 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,220 resistance zone or even $3,300 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,065 resistance, it could start a fresh decline. Initial support on the downside is near the $2,980 level. The first major support sits near the $2,900 zone.
A clear move below the $2,900 support might push the price toward the $2,840 support. Any more losses might send the price toward the $2,780 region. The main support could be $2,720.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,900
Major Resistance Level – $3,065
