Ethereum price started to fall significantly after failing to clear $3,050. $ETH is down 10% and is currently struggling to break above the $2,700 support.
- Ethereum failed to break above $2,880 and a new decline began.
- The price is trading below the $2,800 and 100 hourly simple moving average.
- On the hourly chart of , there is a sharp bearish trend line forming resistance at $2,820. $ETH/USD (data feed via Kraken).
- If the price sustains above the $2,700 zone, a new rally could begin.
Ethereum price falls by 10%
The price of Ethereum was unable to maintain stability above $2,880 and began a significant decline similar to Bitcoin. $ETH The price fell below $2,820 and entered the bearish zone.
The bears pushed the price below $2,750. A low was formed at $2,680, and the price is currently showing bearish signs below the 23.6% Fib retracement level of the recent decline from the swing high of $3,040 to the low of $2,680. There is also a sharp bearish trend line forming resistance at $2,820 on the hourly chart. $ETH/USD.
Ethereum price is currently trading below $2,800 and its 100 hourly simple moving average. If the bulls sustain the action above $2,700, the price may try to move higher. Immediate resistance is seen near the $2,765 level. The first major resistance is near the $2,820 level and trendline.
The next major resistance is near the $2,860 level and the 50% fibritracement level of the recent decline from the swing high of $3,040 to the low of $2,680. A clear break above the $2,860 resistance could send the price towards the $2,900 resistance. A break above the $2,900 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,000 resistance zone and even $3,050 in the short term.
more losses will occur $ETH?
If Ethereum fails to break through the $2,820 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,700 level. The first major support is located near the $2,680 zone.
A clear move below the $2,680 support could push the price towards the $2,620 support. Any further losses could send the price towards the $2,550 area. The main support could be $2,500.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,700
Major Resistance Level – $2,820
