Ethereum was unable to rebound above the USD 3,120 pivot zone against the US dollar. ETH price is falling and could extend its losses below $ 2,950.
- Ethereum struggled to recover above the $ 3,120 and $ 3,125 resistance levels.
- The price is now trading below $ 3,080 and the 100-hour simple moving average.
- A large bearish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 3,150.
- The pair could accelerate down if there is a close below the $ 2,950 low.
Ethereum price remains at risk
Ethereum began an upward correction from the low of $ 2,950, similar to Bitcoin. The ETH price topped the $ 3,000 and $ 3,050 resistance levels.
There was a break above the 23.6% fib retracement level of the key drop from the high of $ 3,280 to the low of $ 2,950. Ether even surged above $ 3,100, but there was no continuation of the upward move above the $ 3,120 resistance level (the last major break zone).
The price also stayed well below $ 3,150 and the 100-hour simple moving average. It appears that ether has been rejected near the 50% fib retracement level of the key drop from the high of $ 3,280 to the low of $ 2,950.
A large bearish trendline is also forming on the hourly chart of ETH / USD with resistance near USD 3,150. It is now moving down and trading below the USD 3,000 support. On the flip side, initial resistance is near the $ 3,025 mark.
Source: ETHUSD on TradingView.com
The first major resistance is now forming near $ 3,080. The main resistance is still near the $ 3,120 mark. A clear breakout and a close above the $ 3,120 zone could trigger another spike. In the above scenario, the price could rebound towards the USD 3,200 resistance.
More losses in ETH?
Unless Ethereum continues above the USD 3,080 and USD 3,120 resistance levels, it could prolong its decline. Immediate support on the downside is near the $ 2,950 level.
A break below the USD 2,950 support zone could trigger a sharp decline in the short term. The next big support could be at $ 2,880, below which the bears could aim for a test of the $ 2,600 support zone.
Hourly MACD – The MACD for ETH / USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH / USD is now below the 40 mark.
Great level of support – $ 2,950
Great resistance level – $ 3,120