Ethereum Price Declines Again: Will the Downtrend Continue?
Ethereum prices failed to sustain resistance above $2,880. ETH is now lower and may move further towards $2,320 support.
- Ethereum began to decline at a level below $2,700.
- Prices below $2,700 and the simple moving average of 100 hours.
- On the hourly table of ETH/USD (via Kraken’s feed), there is a connected bearish trend line with a resistance of $2,680.
- If the two stay below the $2,700 level, a new decline may begin.
Ethereum price recovery disappears
Ethereum price begins Recovery wave Above $2,650 Bitcoin. ETH is able to exceed resistance levels of $2,700 and $2,750 to enter the short-term positive zone.
However, the Bears were active above $2,800 and the price began to drop again. Below the $2,720 and $2,700 levels. Prices fell and tested the 50% FIB retracement level, falling from a swing of $2,127 to a high of $2,923.
Ethereum price is now trading below the $2,700 and the 100-hour simple moving average. In the hourly table of ETH/USD, there is also a connected bearish trend line with a resistance of $2,680.
On the plus side, the price seems to be facing a $2,680 barrier and a simple moving average of 100 hours. The first major resistance is close to the $2,700 level. Now, the formation of major resistance is close to $2,880 or $2,920. A clear action on resistors over $2,920 could shift the price to a resistor at $3,000.
An upside breakout for resistors over $3,000 could require more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $3,050 resistance zone or even $3,120 in the short term.
More losses from ETH?
If Ethereum fails to clear the $2700 resistor, it may drop again. The initial support for the adverse aspects is close to the $2,525 level. The first major support is located near the $2,440 area.
A clear move to support below $2,440 could push the price to $2,320 support. In the short term, more losses could shift the price to the support level of $2,250. The next key supports $2,120.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $2,525
Main resistance level – $2,440
