Ethereum extended its decline below the $ 3,120 support against the US dollar. The ETH price has even risen below USD 3,000 and there is still the risk of further downward movements.
- Ethereum began a sharp drop below the USD 3,200 and USD 3,120 support levels.
- The price is now trading below $ 3,100 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed on Kraken) broke below a major contracting triangle with support near USD 3,150.
- The pair could move further down if there is a close below the USD 3,000 support.
Ethereum price extends losses
Ethereum failed to hold above the USD 3,120 support and extended its decline, similar to Bitcoin. ETH price broke the USD 3,050 support zone and the 100-hour simple moving average to move further into a bearish zone.
There was also a break below a major contracting triangle with support near USD 3,150 on the ETH / USD hourly chart. The pair even surged below the $ 3,000 mark and traded as low as $ 2,950. It is now correcting losses and trading above the $ 3,000 mark.
There was a break above the 23.6% fib retracement level of the recent decline from the high of $ 3,282 to the low of $ 2,950. On the flip side, initial resistance is near the $ 3,075 mark.
Source: ETHUSD on TradingView.com
The first major resistance is now forming near $ 3,120 (the most recent break zone). It is near the 50% Fib retracement level of the recent decline from the high of $ 3,282 to the low of $ 2,950. A clear break and close above the USD 3,100 and USD 3,120 resistance levels could trigger another spike. The next major resistance could be near the $ 3,200 level, above which the price could hit $ 3,330 again.
More losses in ETH?
If Ethereum fails to rise above the USD 3,100 and USD 3,120 resistance levels, it could prolong its decline. Immediate support on the downside is near the $ 3,000 mark.
The first major support is near the $ 2,950 level. A break down below the USD 2,950 support zone could lead to a sharp decline in the short term. The next big support could be at $ 2,875, below which Ether could potentially move towards the $ 2,600 support zone.
Hourly MACD – The MACD for ETH / USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH / USD is now below the 50 level.
Great level of support – $ 3,000
Great resistance level – $ 3,120