Ethereum failed to recover above the $3,120 pivot zone against the US Dollar. ETH price is declining and it could extend its losses below $2,950.
- Ethereum struggled to recover above the $3,120 and $3,125 resistance levels.
- The price is now trading below $3,080 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if there is a close below the $2,950 low.
Ethereum Price Remains At Risk
Ethereum started an upside correction from the $2,950 low, similar to bitcoin. ETH price surpassed the $3,000 and $3,050 resistance levels.
There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone).
The price also remained well below $3,150 and the 100 hourly simple moving average. It seems like ether was rejected near the 50% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low.
There is also a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD. It is now moving lower and trading below the $3,000 support. On the upside, an initial resistance is near the $3,025 level.
Source: ETHUSD on TradingView.com
The first key resistance is now forming near the $3,080 level. The main resistance is still near the $3,120 level. A clear break and close above the $3,120 zone might start a fresh increase. In the stated scenario, the price might recover towards the $3,200 resistance.
More Losses in ETH?
If ethereum fails to continue higher above the $3,080 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,950 level.
A downside break below the $2,950 support zone could spark a sharp decline in the near term. The next major support could be $2,880, below which the bears might aim a test of the $2,600 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 40 level.
Major Support Level – $2,950
Major Resistance Level – $3,120
Ethereum did not get well above the $3,120 pivot zone towards the US Greenback. ETH worth is declining and it might prolong its losses beneath $2,950.
- Ethereum struggled to get well above the $3,120 and $3,125 resistance ranges.
- The value is now buying and selling beneath $3,080 and the 100 hourly easy shifting common.
- There’s a main bearish pattern line forming with resistance close to $3,150 on the hourly chart of ETH/USD (information feed by way of Kraken).
- The pair might speed up decrease if there’s a shut beneath the $2,950 low.
Ethereum Worth Stays At Danger
Ethereum began an upside correction from the $2,950 low, just like bitcoin. ETH worth surpassed the $3,000 and $3,050 resistance ranges.
There was a break above the 23.6% Fib retracement degree of the important thing drop from the $3,280 swing excessive to $2,950 low. Ether even spiked above the $3,100 degree, however there was no upside continuation above the $3,120 resistance degree (the final key breakdown zone).
The value additionally remained properly beneath $3,150 and the 100 hourly easy shifting common. It looks as if ether was rejected close to the 50% Fib retracement degree of the important thing drop from the $3,280 swing excessive to $2,950 low.
There’s additionally a significant bearish pattern line forming with resistance close to $3,150 on the hourly chart of ETH/USD. It’s now shifting decrease and buying and selling beneath the $3,000 assist. On the upside, an preliminary resistance is close to the $3,025 degree.
Supply: ETHUSD on TradingView.com
The primary key resistance is now forming close to the $3,080 degree. The primary resistance remains to be close to the $3,120 degree. A transparent break and shut above the $3,120 zone would possibly begin a contemporary enhance. Within the acknowledged state of affairs, the value would possibly get well in direction of the $3,200 resistance.
Extra Losses in ETH?
If ethereum fails to proceed larger above the $3,080 and $3,120 resistance ranges, it might prolong its decline. An instantaneous assist on the draw back is close to the $2,950 degree.
A draw back break beneath the $2,950 assist zone might spark a pointy decline within the close to time period. The following main assist could possibly be $2,880, beneath which the bears would possibly goal a take a look at of the $2,600 assist zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining tempo within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now beneath the 40 degree.
Main Assist Stage – $2,950
Main Resistance Stage – $3,120
