Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price failed to continue higher above $3,000 and dipped. ETH is now showing bearish signs and might slide further below $2,880.
Ethereum price failed to stay above the $3,000 pivot level and started a fresh decline, like Bitcoin. ETH price dipped below $2,980 to enter a bearish zone.
The bears were able to push the price below the 50% Fib retracement level of the upward move from the $2,775 swing low to the $3,075 high. Besides, there was a break below a rising channel with support at $2,980 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,980 and the 100-hourly Simple Moving Average. If the bulls are able to protect more losses below $2,880, the price could start a fresh recovery.
Immediate resistance is seen near the $2,980 level. The first key resistance is near the $3,000 level. The next major resistance is near the $3,050 level. A clear move above the $3,050 resistance might send the price toward the $3,120 resistance. An upside break above the $3,120 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,200 resistance zone or even $3,220 in the near term.
If Ethereum fails to clear the $3,000 resistance, it could start a fresh decline. Initial support on the downside is near the $2,880 level and the 61.8% Fib retracement level of the upward move from the $2,775 swing low to the $3,075 high.
The first major support sits near the $2,845 zone. A clear move below the $2,845 support might push the price toward the $2,800 support. Any more losses might send the price toward the $2,775 region. The next key support sits at $2,720.
Technical Indicators
Hourly MACD The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level $2,880
Major Resistance Level $3,000