Struggles Could Signal Rising Risks?
Ethereum price fell below the $3,150 area again. ETH is struggling and may fall further below the $3,000 support area.
- Ethereum is slowly sinking below the $3,150 area.
- The price is trading below $3,100 and the 100 hourly simple moving average.
- There is a bearish trend line connecting with resistance at $3,080 on the hourly chart of ETH/USD (data via Kraken).
- The pair may extend losses if the price closes below the $3,000 support area.
Ethereum price fight continues
Ethereum price attempts an upward break above the $3,200 resistance, but fails Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.
The price fell below $3,080 and tested $3,040. A low was formed at $3,033 and the price is currently consolidating. It tested the 23.6% Fib retracement level of the recent swing high of $3,225 to low of $3,033.
Ethereum price is currently trading below $3,000 100 hour simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,080 level.
The first major resistance level is seen near $3,120, which is the 50% Fibonacci retracement level of the recent swing high of $3,225 to low of $3,033. Major resistance is currently forming near $3,180. A clear break above the $3,180 resistance may push the price towards the $3,220 resistance.
An upside break above the $3,220 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum may rise towards the $3,450 resistance zone.
ETH loses more?
If Ethereum fails to break above the $3,100 resistance, it may start another decline. Initial support on the downside is near $3,030. The first major support is located near the $3,000 area.
A clear break below the $3,000 support could push the price towards $2,920. If there is further decline, the price may move towards the $2,880 support in the near term. The next key support is located at $2,740.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
hourly relative strength index – The RSI for ETH/USD is currently below the 50 area.
Major Support – $3,030
Major Resistance – $3,100
