This article is also available in Spanish.
Ethereum price has started to decline again below the $3,150 area. ETH is facing difficulties and may fall further below the $3,000 support area.
- Ethereum is slowly moving lower below the $3,150 area.
- The price is trading below the $3,100 level and the 100 hourly simple moving average.
- There is a solid bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its losses if there is a close below the $3,000 support area.
The struggle over Ethereum prices continues
Ethereum price attempted a bullish breakout above the $3,200 resistance level but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.
There was a move below $3080 and the price tested $3040. The bottom was formed at $3,033 and the price is now consolidating. It tested the 23.6% Fibonacci retracement level of the recent decline from the high of $3,225 to the low of $3,033.
Ethereum price is now trading below $3,000 and the 100 hourly simple moving average. On the upside, the price appears to be facing hurdles near the $3,080 level.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the high of $3,225 to the low of $3,033. The main resistance is now forming near $3,180. A clear move above the $3,180 resistance level could send the price towards the $3,220 resistance level.
A bullish break above the $3,220 resistance may require further gains in the coming sessions. In the mentioned case, the Ether price may rise towards the $3,450 resistance area.
More losses in ETH?
If Ethereum fails to break above the $3,100 resistance level, it could start another decline. Initial support on the downside is near the $3,030 level. The first major support is near the $3,000 area.
A clear move below the $3,000 support could push the price towards $2,920. Any further losses could send the price towards the $2,880 support level in the near term. The next major support is at $2,740.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major Support Level – $3,030
Major resistance level – $3,100