ETH/USD continues to fall below the $3,000 support area. ETH price is likely to extend the decline to the $2,650 support in the near term.
- Ethereum continued to break below the $3,050 and $3,000 support levels.
- Prices are trading below $3,000 and the 100 hourly simple moving average.
- There was a break above a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to extend losses if there is a clear break below the $2,800 support area.
Ethereum price drops 8%
Ethereum fails to gain strength above $3,250 and starts dramatically drop.ETH formed a high near $3,272 before falling sharply.
There was a sharp move below the $3,120 and $3,050 support levels. Additionally, there was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD.Ether price even fell below $3,000, while 100 hourly simple moving average.
The price surged below $2,900 and traded as low as $2,808. It is now consolidating losses above $2,800. Initial resistance is near $2,900. It is near the 23.6% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.
The first major resistance is near $3,000 or the 50% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.
Source: ETHUSD on TradingView.com
If there is an upward move above the $3,000 resistance zone, the price could rise to the 100 hourly simple moving average. The next major resistance is near $3,200.
ETH to lose more?
If Ethereum fails to initiate a recovery wave above $2,900, it could continue to decline. Initial support on the downside is near $2,820.
The first key support is now forming near $2,800. A break below the $2,800 level could start another strong decline. The next major support for the bulls could be near $2,650. Any more losses could push the price towards the $2,500 level.
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now in oversold territory.
Major Support Level – $2,800
Major Resistance – $3,000