No products in the cart.
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 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.
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 30 level.
Major Support Level – $2,900
Major Resistance Level – $3,000
- 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