Ethereum failed to break the USD 3,200 resistance and continued to decline against the US dollar. The ETH price now risks further downward moves below USD 3,050 and USD 3,000.
- Ethereum settled below the $ 3,200 pivot level and extended its decline.
- The price is now trading well below $ 3,200 and the 100-hour simple moving average.
- An important bearish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 3,155.
- The pair could continue to decline if it does not stay above the USD 3,050 support zone.
Ethereum price continues to slide
Ethereum was unable to settle above the $ 3,200 pivot level. ETH price started falling again and broke the $ 3,150 support zone, similar to Bitcoin.
The price even broke the $ 3,120 support level and tested $ 3,060. It is now trading well below $ 3,200 and the 100-hour simple moving average. Ether is now consolidating near the 23.6% fib retracement level of the recent decline from the high of $ 3,249 to the low of $ 3,061.
On the flip side, the first major resistance is near the $ 3,120 level. The main resistance is now forming near the $ 3,150 mark. An important bearish trendline is also forming on the hourly chart of ETH / USD with resistance near $ 3,155.
Source: ETHUSD on TradingView.com
The trendline is near the 50% Fib retracement level of the recent decline from the high of $ 3,249 to the low of $ 3,061. A significant break above the USD 3,150 resistance could open the doors for a steady rise. The next major resistance is now forming near the $ 3,200 level. Further gains could potentially require a move towards the $ 3,300 mark.
More losses in ETH?
Unless Ethereum continues above the USD 3,120 and USD 3,150 resistance levels, it could prolong its decline. Immediate support on the downside is near the $ 3,080 mark.
The next big support is now forming near the $ 3,060 zone. A break below the USD 3,060 support zone could accelerate losses. The main support is near the $ 3,000 mark below which the bulls could struggle in the coming days. The next major support is near the $ 2,880 and $ 2,850 levels.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is well below the 50 mark.
Large support level – $ 3,060
Great resistance level – $ 3,150