Ethereum price failed to stay above $2.950 and refused again. ETH is now consolidating and may soon attempt another wave of recovery if it reaches $2850.
- Ethereum started a new decline below the $2920 zone.
- The price is moving below $2,900 and the 100-hour simple moving average.
- There is a connecting bearish trendline forming with resistance at $2925 on the hourly chart of ETH/USD (data via Kraken).
- The pair could continue to move downwards if it breaks below the $2800 zone.
Ethereum price faces renewed selling pressure
The price of Ethereum tried to rise again, but struggled above $2950, like Bitcoin. ETH price dropped below $2920 and $2900 and entered the bearish zone.
Bears even pushed the price below $2,820. A low was formed at $2,775 and the price is now consolidating losses near the 23.6% Fib retracement level of the downside move from $2,993 to a low of $2,775.
Ethereum price is now trading below $2,870 and the 100-hour simple moving average. Additionally, there is a connecting bearish trend line forming with resistance at $2925 on the hourly chart of ETH/USD.
If there is another move up, the price could face resistance near the $2,850 level. The next key resistance is near the $2,880 level and the 50% Fib retracement level of the $2,993 bearish move to the $2,775 low. The first major resistance is near the $2925 level and the trend line.
A clear move above the $2925 resistance could send the price towards the $3000 resistance. A break above the $3000 region could claim more gains in the coming days. In the said case, Ether could rise towards the resistance zone of $3080 or even $3120 in the near future.
Continued decline in ETH?
If Ethereum fails to overcome the $2,850 resistance, a new decline could begin. Initial support on the downside is near the $2,800 level. The first major support is located near the $2775 zone.
A clear move below the $2775 support could push the price towards the $2720 support. Any further loss could take the price to the $2,640 region. The next key support is at $2620.
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 – $2775
The main resistance level – $2880
