- Ethereum started a new decline after failing to stay above $3,150.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $3,000 zone.
Ethereum price turns red
The price of Ethereum did not remain above $3,150 and started a new decline, just like Bitcoin. ETH price fell below $3,180 and entered a bearish zone.
The decline accelerated below $3,120 and the price fell below $3,000. A low was formed at $2,955 and the price is now correcting some losses. There was a move towards the 23.6% Fib retracement level from the recent decline from the $3,562 swing high to the $2,955 low.
Ethereum price is now trading below $3,150 and the 100-hourly Simple Moving Average. If another recovery wave comes, the price may encounter resistance near the USD 3,050 level. The next major resistance is near the $3,150 level. There is also a major bearish trendline forming with resistance at $3,150 on the hourly chart of ETH/USD.
The first major resistance is near the $3,260 level and the 50% Fib retracement level of the recent decline from the $3,562 swing high to the $2,955 low. A clear move above the USD 3,260 resistance could send the price towards the USD 3,350 resistance. An upside break above the $3,350 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,450 or even $3,500 in the short term.
More disadvantages of ETH?
If Ethereum fails to clear the USD 3,150 resistance, it could trigger another decline. The initial downside support is near the $2,950 level. The first major support is near the $2,880 zone.
A clear move below the USD 2,880 support could push the price towards the USD 2,750 support. Any further losses could send the price towards $2,680 in the near term. The next major support is at USD 2,650 and USD 2,640.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,950
Major resistance level – $3,150
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