CryptocurrencyEthereum Slides Below 3K, Why Bears Could Aim $2.5K

Ethereum Slides Below 3K, Why Bears Could Aim $2.5K


Ethereum started a fresh decline from the $3,080 resistance against the US Dollar. ETH price traded below the key $3,000 support and even declined below $2,920.

  • Ethereum failed to clear $3,080 and started a fresh decline.
  • The price is now trading below $3,000 and the 100 hourly simple moving average.
  • There was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover, but upsides might be capped near the $2,950 level.

Ethereum Price Breaks Key Support

Ethereum attempted a fresh increase above the $3,050 level and the 100 hourly simple moving average. However, ETH failed to gain strength above the $3,080 level.

A high was formed near $3,082 and the price started a fresh decline. There was a clear move below the $3,050 support level and the 100 hourly simple moving average. Besides, there was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USD.

The pair traded below the $3,000 support zone. More importantly, there was a move below the $2,920 support. A low is formed near $2,896 and ether is now consolidating losses.

On the upside, an initial resistance is seen near the $2,940 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,082 swing high to $2,896 low. The next major resistance is near the $2,980 and $3,000 levels.

Ethereum Price
Ethereum Price
Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $3,082 swing high to $2,896 low is also near the $2,990 level. A close above the $3,000 level and the 100 hourly simple moving average might start a decent recovery wave. The next major resistance could be near the $3,050.

More Losses in ETH?

If ethereum fails to start a recovery wave above the $3,000 level, it could continue to move down. An initial support on the downside is near the $2,900 zone.

The next major support is near the $2,850 level. If there is a downside break below the $2,850 support, the price could start another decline. In this scenario, there is a risk of a move towards the $2,780 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 30 level.

Major Support Level – $2,900

Major Resistance Level – $3,000



Original Source Link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Minnesota real estate market continues to pinch first-time buyers

Home listings across Minnesota are declining, leading to rising prices on the inventory that's left. New listings were down...

Prince William Gets Candid About Living With Grief In New Speech

In a speech in Manchester, England, on Tuesday, Prince William opened up about living with grief.The Duke and...

Upload Gets A Season 3 Renewal From Prime Video

Believe it or not, despite presenting a terrifying picture of the future, "Upload" is absolutely delightful. The first...

Wells Fargo double downgrades Ford and GM, says 2022 could be 'peak profits' for legacy automakers

Wells Fargo moved its rating to underweight for the two automakers, citing rising costs for electric vehicles. Original Source...

Satoshi Nakamoto’s Bitcoin State Of Mind

Imagine Tupac Shakur (also known professionally as 2Pac) coming back to discover modern rap music. At the very...

Nasdaq Composite slides 3.2% as stock sell-off gathers pace

US stocks resumed their slide on Wednesday after unexpectedly hot “core” inflation data raised expectations for aggressive policy...

Must Read

‘I Want To Feel Hot’ – Hollywood Life

View gallery Amy Schumer, 40, is ready for her...

How some sunscreens damage coral reefs

One common chemical in sunscreen can have devastating...
- Advertisement -

You might also likeRELATED
Recommended to you