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    Ethereum Price Revisits Key Support, Can Bears Take Over?


    Ethereum price started another decline and traded below $2,920. ETH could gain bearish momentum if there is a close below the $2,800 support zone.

    • Ethereum remained in a bearish zone and traded below the $2,900 zone.
    • The price is trading below $2,950 and the 100-hourly Simple Moving Average.
    • There is a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to move down if it stays below the $3,050 resistance.

    Ethereum Price Extends Losses

    Ethereum price remained in a bearish zone below the $3,120 level, like Bitcoin. ETH traded below the $3,000 level. The bears even pushed the price below the $2,920 level.

    A low was formed at $2,813 and the price is now consolidating. There was a minor increase above the $2,900 level. The price tested the 23.6% Fib retracement level of the downward wave from the $3,355 swing high to the $2,813 low. However, the bears were active near the $2,950 and $2,965 levels.

    Ethereum is now trading below $3,000 and the 100-hourly Simple Moving Average. Immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 level and the 100-hourly Simple Moving Average.

    There is also a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward wave from the $3,355 swing high to the $2,813 low.

    Source: ETHUSD on TradingView.com

    The next key resistance sits at $3,085, above which the price might gain traction and rise toward the $3,150 level. A close above the $3,150 resistance could send the price toward the $3,250 resistance. If there is a move above the $3,250 resistance, Ethereum could even test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.

    More Downsides In ETH?

    If Ethereum fails to clear the $3,050 resistance, it could continue to move down. Initial support on the downside is near the $2,850 level. The first major support is near the $2,820 zone.

    The main support is near the $2,820 level. A clear move below the $2,820 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 level in the near term.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

    Hourly RSIThe RSI for ETH/USD is now below the 50 level.

    Major Support Level – $2,820

    Major Resistance Level – $3,050

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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