Ethereum Price Breaks Under $3K, Charts Flash | Crypto News
Ethereum price began a contemporary decline from the $3,200 resistance. ETH is now consolidating losses and is at risk of more losses below $2,880.
- Ethereum began a sharp draw back correction below $3,000.
- The price is trading below $3,000 and the 100-hourly Simple Moving Average.
- There is a key bearish development line forming with resistance at $3,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may start a contemporary increase if it stays above the $2,880 zone.
Ethereum Price Dips Over 5%
Ethereum price failed to stay steady above $3,200 and began a contemporary decline, like Bitcoin. ETH price declined below $3,150 and $3,120 to enter a bearish zone.
The bears even pushed the price below $3,000. The price finally examined $2,910 and is at present consolidating losses below the 23.6% Fib retracement stage of the current downward transfer from the $3,367 swing high to the $2,910 swing low. There is also a key bearish development line forming with resistance at $3,020 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. If the bulls can defend more losses below $2,880, the price may attempt another increase.
Immediate resistance is seen close to the $3,020 stage. The first key resistance is close to the $3,080 stage. The next major resistance is close to the $3,120 stage. A clear transfer above the $3,120 resistance may ship the price toward the $3,150 resistance or the 50% Fib retracement stage of the current downward transfer from the $3,367 swing high to the $2,910 swing low.
An upside break above the $3,150 area may call for more beneficial properties in the approaching days. In the acknowledged case, Ether may rise toward the $3,220 resistance zone or even $3,300 in the close to time period.
Downside Continuation In ETH?
If Ethereum fails to clear the $3,020 resistance, it may start a contemporary decline. Initial assist on the draw back is close to the $2,920 stage. The first major assist sits close to the $2,880 zone.
A clear transfer below the $2,880 assist may push the price toward the $2,800 assist. Any more losses may ship the price toward the $2,750 area. The main assist could possibly be $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,880
Major Resistance Level – $3,020
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