Ethereum price extended losses and traded below the $2,865 zone. ETH is now consolidating losses and might aim for a recovery if it clears $2,920.
- Ethereum remained in a bearish zone and traded below $2,950.
- The price is trading below $2,900 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $2,800 zone.
Ethereum Price Dips Further
Ethereum price failed to remain stable above $2,950 and extended losses, like Bitcoin. ETH price declined below $2,880 and $2,865 to enter a bearish zone.
The bears even pushed the price below $2,840. The price finally tested $2,800 and is currently consolidating losses. There was a minor upside above the 23.6% Fib retracement level of the downward wave from the $3,067 swing high to the $2,784 swing low.
Ethereum price is now trading below $2,900 and the 100-hourly Simple Moving Average. If the bulls can protect more losses below $2,800, the price could attempt another increase.
Immediate resistance is seen near the $2,920 level. There is also a bearish trend line forming with resistance at $2,920 on the hourly chart of ETH/USD. The first key resistance is near the $2,960 level or the 61.8% Fib retracement level of the downward wave from the $3,067 swing high to the $2,784 swing low. The next major resistance is near the $3,000 level. A clear move above the $3,000 resistance might send the price toward the $3,065 resistance.
An upside break above the $3,065 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,120 resistance zone or even $3,150 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,920 resistance, it could start a fresh decline. Initial support on the downside is near the $2,840 level. The first major support sits near the $2,800 zone.
A clear move below the $2,800 support might push the price toward the $2,780 support. Any more losses might send the price toward the $2,720 region. The main support could be $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,800
Major Resistance Level – $2,920
Credit: Source link
