Ethereum started a significant decline from the $2,970 region against the US Dollar. ETH fell below $2,800 and could accelerate below the $2,700 support.
- Ethereum started to drop significantly after it failed to break above $2,970.
- The price is now trading below $2800 and the 100 hourly simple moving average.
- There was a break below the major uptrend line with support near $2900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may decline further if there is a close below the $2,700 support area.
Plunge into the price of Ethereum
Ethereum struggled to stabilize above Resistance $2950. ETH rose near the $2,970 level and started a new low. There was a sharp move below the $2,900 and $2,850 levels.
Besides, there was a break below the major uptrend line with support near $2900 on the hourly chart of ETH/USD. Ether price dropped below $2800 and 100-hour simple moving average. Finally, there was a rally below the $2,720 support level.
The bottom formed near $2,678 and the price corrected a few pips. There was a recovery wave above the $2,720 level. The price even rose above the 23.6% Fib retracement level of the recent decline from the $2,969 high to $2,678.
On the upside, we see initial resistance near the $2,760 level. The first major resistance is near the $2,820 level. It is near the 50% Fib retracement level of the recent decline from $2,969 to $2,678 low. The main breakout area is now near the $2,875 level.
Source: ETHUSD on TradingView.com
A close above the $2,875 level may open the door for a decent increase, and in the mentioned case, the ether price could rise towards the $3000 resistance.
More losses in ETH?
If Ethereum fails to rise above the $2,760 resistance, it may continue to decline. There is initial support on the downside near the $2,720 region.
The next major support is near the $2,680 level. If there is a downside break below $2,680 and the recent low, the price of Ether could accelerate lower. In this case, it could drop below the $2,600 level.
MACD per hour – ETH/USD’s MACD is moving into bearish territory.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Main Support Level – $2,680
Key Resistance Level – $2,760