No products in the cart.
Ethereum Dives Below $3K, Can The Bulls Save Day?
Ethereum started a sharp decline from $3,180 against the US Dollar. ETH bulls must protect the $2,950 support to avoid a trend change in the near term.
Ethereum failed to gain strength above $3,150 and started a fresh decline.
The price is now trading above $3,030 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,950 support to avoid more downsides in the near term.
Ethereum Price Dips
Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to gain strength above the $3,150 level and formed a short-term top near $3,180.
A high was formed at $3,179 and the price started a sharp decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD.
Ether price declined below the 50% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. The price even tested the $2,950 support zone.
It seems like the bulls are defending the 76.4% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. On the upside, an initial resistance is seen near the $3,020 level. The next major resistance is near the $3,030 level.
Source: ETHUSD on TradingView.com
The main resistance now sits near $3,060 and the 100 hourly simple moving average. A close above the $3,060 level might start a fresh rise in the near term. In the stated case, ether might climb towards the $3,150 level.
More Downsides in ETH?
If ethereum fails to gain pace above the $3,030 level, it could continue to move down. An initial support on the downside is near the $2,970 zone.
The first major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could accelerate lower. The next key support is near the $2,880 zone.
Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,950
Major Resistance Level – $3,060
- May 2022 (220)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline
- Bitcoin Stable Near $30,000 But The Bearish Leg Is Far From Over
- ATOM Might Trade Below Its Immediate Support Level Despite A Recent Rally
- Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000
- Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation