Ethereum price started a new decline below $2.880. ETH is now trying to recover from $2720, but the bulls may face resistance.
- Ethereum started a new decline below $2880 and $2800.
- The price is moving below $2,850 and the 100-hour simple moving average.
- There is a short-term bearish trend line forming with resistance at $2820 on the hourly chart of ETH/USD (feed via Kraken).
- The pair could continue to rise if it breaks above the $2,850 zone.
Ethereum price is trying to recover
The price of Ethereum failed to stay above $2950 and started a new decline, like Bitcoin. The price of ETH dropped below $2880 and entered the bearish zone. The bears even pushed the price below $2,800.
A low was formed at $2718 and the price is now trying to recover. There was a move above the $2,750 level. The price climbed above the 23.6% Fib retracement level from the $3,052 move down to the $2,718 low.
Ethereum price is now trading below $2,850 and the 100-hour simple moving average. If there is another move up, the price could face resistance near the $2,820 level. A short-term bearish line is also forming with resistance at $2,820 on the ETH/USD hourly chart.
The next key resistance is near the $2,880 level or the 50% Fib retracement level of the $3,052 bearish move to the $2,718 low. The first major resistance is near the $2920 level. A clear move above the $2920 resistance could send the price towards the $3000 resistance. A break above the $3,000 region could require more gains in the coming days. In the said case, Ether could rise towards the resistance zone of $3050 or even $3150 in the near future.
Another ETH crash?
If Ethereum fails to overcome the $2,880 resistance, a new decline could begin. Initial support on the downside is near the $2,760 level. The first major support is located near the $2740 zone.
A clear move below the $2,740 support could push the price towards the $2,720 support. Any further losses could send the price towards the $2,650 region in the near term. The next key support is at $2550 and $2500.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2720
The main resistance level – $2880
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