Ethereum price failed to rise above $2,800 and tested $2,620. ETH is currently trying to recover but is facing resistance near $2,890.
Ethereum began a new decline after failing to break above $2,800. The price is trading around $2,840 and the 100-hour simple moving average. There is a significant bearish trend line forming resistance at $2,960 on the hourly chart of ETH/USD (data feed via Kraken). If it breaks below the $2,720 zone, the pair could continue to fall.
Ethereum price tries to recover
Ethereum price was unable to continue rising above $3,000 and a new decline began, similar to Bitcoin. ETH price fell below $2,880 and entered the bearish zone.
The decline accelerated below $2,800 and the price fell below $2,700. A low was formed at $2,621 and the price is currently trying to recover. There was a move above the 23.6% Fib retracement level of the recent decline from the swing high of $3,058 to the low of $2,621.
Ethereum price is currently trading around $2,840 and the 100-hour simple moving average. If there is another wave of recovery, the price could face resistance near the $2,890 level and the 61.8% fibritracement level of the recent decline from the $3,058 high to the $2,621 low.
The next major resistance level is near the $2,920 level. The first major resistance level is near the $2,950 level. There is also an important bearish trend line forming at the $2,960 resistance on the ETH/USD hourly chart. A clear break above the $2,960 resistance could send the price heading towards the $3,020 resistance. A break above the $3,020 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,120 resistance zone and even $3,250 in the short term.
Will you drop ETH again?
If Ethereum fails to break through the $2,890 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,800 level. The first major support is located near the $2,720 zone.
A clear move below the $2,720 support could push the price towards the $2,650 support. Any further losses could send the price towards the $2,620 area in the near term. The next major supports are $2,550 and $2,500.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $2,720
High resistance level – $2,890
