Ethereum started another pullback from the $3,030 resistance level against the US Dollar. ETH has even jumped below $2800 and is currently attempting an upward correction.
- Ethereum started a significant decline below the $2,950 and $2,860 support levels.
- The price is now trading below $2950 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must remain above the $2800 support level to start a good recovery in the near term.
Ethereum price restarts to decline
Ethereum fails to accelerate move above Resistance $3,030. ETH topped and started to drop significantly below the $2950 support.
There was a sharp move below the $2900 level and Simple moving average per 100 hours. Ether price rose even below the $2800 support area. A new weekly low has been formed near $2,766 and the price is now consolidating its losses. Recovered above the $2800 level.
There was a break above the 23.6% Fib retracement level of the recent decline from the $3,041 swing high to $2,766. On the upside, we see an initial resistance near the $2,860 level.
The next major resistance is near the $2900 level. There is also a major bearish trend line forming with resistance near $2,910 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $3,041 high swing high to $2,766 low.
Source: ETHUSD on TradingView.com
The apparent move above the resistance at $2,910 may start to rise again. The next major resistance on the upside might be $2,950. Any further gains could send the price towards the $3030 resistance level.
More losses in ETH?
If Ethereum fails to rise above $2900, it may continue to decline. There is initial support on the downside near the $2800 area.
The first major support is near the $2,765 level. If there is a downside break below the $2,765 support, the price may start declining again. The next major support is near the $2,650 area, below which there is a risk of a move towards $2,500.
MACD per hour – ETH/USD’s MACD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is well below the 50 level.
Main Support Level – $2,765
Key Resistance Level – $2,910