Ethereum started a new low after facing rejection near $3,300 against the US Dollar. The price of Ethereum could extend the decline towards $3,000 in the near term.
- Ethereum started a new low after facing rejection near $3,280 and $3,300.
- The price is now trading below $3220 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend the decline to $3,000 if it trades below the $3,150 support level.
Ethereum price resumes decline
Try Ethereum Correction upside above the $3,220 level. ETH moved above the $3,250 level, but the bears appeared near the $3,300 level.
A rally formed near $3,307 and the price started a new low. There was a clear move below the $3,250 and $3,220 support levels. Ether is trading even below a solid uptrend line with support near $3,220 on the hourly chart.
They are now trading at less than $3,200 and 100-hour simple moving average. The bottom formed near $3,154 and the price is now consolidating losses.
On the upside, we see initial resistance near the $3,190 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,307 swing high to $3,154 low. The next major resistance is near the $3,235 level.
The 50% Fib retracement level of the recent decline from the $3,307 swing high to $3,154 low is also near $3,235. The main resistance is near the $3,260 level and the 100 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
A clear move above the $3,260 resistance and then the trend line may start a steady increase. In the mentioned case, the price could rise above the $3,300 area.
More losses in ETH?
If Ethereum fails to start a new rally above the $3,260 level, it may continue to decline. There is initial support on the downside near the $3,150 area.
The next major support is near the $3,120 level. If there is a downside break below the $3,120 support level, the price may resume its decline. In the aforementioned case, the price may drop to $3000.
MACD per hour – The MACD of ETH/USD is slowly moving into the bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $3,150
Key Resistance Level – $3,260