Ethereum started a sharp decline from $3,000 against the US Dollar. ETH is struggling below $2,900 and might slide below the $2,800 level in the near term.

  • Ethereum started a major decline after there was a clear move below $3,000.
  • The price is now trading above $2,900 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,935 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $2,840 support to avoid more downsides in the near term.

Ethereum Price Dives

Ethereum attempted a clear move above the $3,000 resistance zone. However, ETH failed to gain strength above the $3,000 level and formed a short-term top near $2,980.

A high was formed at $2,967 and the price started a sharp decline. There was a clear move below the $2,950 support zone and the 100 hourly simple moving average. The bears were able to push the price below the $2,900 level.

A low was formed near $2,840 and the price is now consolidating losses. Ether is now trading above the 23.6% Fib retracement level of the recent decline from the $2,967 swing high to $2,840 low.

On the upside, an initial resistance is seen near the $2,900 level. It is near the 50% Fib retracement level of the recent decline from the $2,967 swing high to $2,840 low.  The next major resistance is near the $2,930 level. There is also a key bearish trend line forming with resistance near $2,935 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance now sits near $3,000 and the 100 hourly simple moving average. A close…


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