Ethereum price extended its losses and traded below the $2,865 zone. ETH is currently cleaning up its losses and could aim for a recovery if it breaks above $2,920.
Ethereum remained in the bearish zone, trading below $2,950. The price is trading below $2,900 and the 100-hour simple moving average. The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line forming with resistance at $2,920. If the price sustains above the $2,800 zone, a new rally could begin.
Ethereum price falls further
Ethereum’s price failed to maintain stability above $2,950, and losses widened, similar to Bitcoin. ETH price fell below $2,880 and $2,865, entering the bearish zone.
The bears pushed the price below $2,840. Price ultimately tested $2,800 and is currently consolidating losses. There was a slight upside above the 23.6% Fib retracement level of the downwave from the swing high of $3,067 to the swing low of $2,784.
Ethereum price is currently trading below $2,900 and its 100 hourly simple moving average. If the bulls can prevent further losses below $2,800, the price could try to move higher.
Immediate resistance appears to be near $2,920. On the hourly chart of ETH/USD, there is also a bearish trend line forming resistance at $2,920. The first major resistance is near the $2,960 level, or the 61.8% fibritracement level of the downwave from the swing high of $3,067 to the swing low of $2,784. The next major resistance level is near the $3,000 level. A clear break above the $3,000 resistance could send the price heading towards the $3,065 resistance.
A break above the $3,065 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,120 resistance zone and even $3,150 in the short term.
Further losses for ETH?
If Ethereum fails to break through the $2,920 resistance level, a fresh decline could begin. The first support on the downside is near the $2,840 level. The first major support is located near the $2,800 zone.
A clear move below the $2,800 support could push the price towards the $2,780 support. Any further losses could send the price towards the $2,720 area. The main support could be at $2,650.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $2,800
Major Resistance Level – $2,920
