Ethereum Settles Below $3K: Bearish Sentiment Points to Deeper Decline

NewsBTC
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Ethereum price remained in a bearish zone below $3,150 zone. ETH is again moving lower and the bears could aim for a drop below $2,800.


■  Ethereum started a fresh decline below the $3,000 and $2,950 levels.

■  The price is trading below $3,000 and the 100-hourly Simple Moving Average.

■  There is a key bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).

■  The pair could correct losses, but upsides might be limited above the $3,000 zone.

Ethereum Price Remains At Risk of More Downsides


Ethereum price failed to start a recovery wave above the $3,080 and $3,120 resistance levels. ETH started another decline below the $3,000 support zone like Bitcoin. There was a move below the $2,950 and $2,920 support levels.


The price declined 6% and even tested the $2,820 support. A low was formed at $2,825 and the price is now consolidating losses. The price is showing a lot of bearish signs and testing the 23.6% Fib retracement level of the downward move from the $3,077 swing high to the $2,825 low.


Ethereum is trading below $3,000 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price might face resistance near the $2,920 level. The first major resistance is near the $2,950 level.


There is also a key bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,077 swing high to the $2,825 low.

Ethereum Price

The next major hurdle is near the $3,000 level. A close above the $3,000 level might send Ether toward the $3,080 resistance. The next key resistance is near $3,120. An upside break above the $3,120 resistance might send the price higher toward the $3,250 resistance zone.


More Losses In ETH?


If Ethereum fails to clear the $2,950 resistance, it could continue to move down. Initial support on the downside is near $2,820. The first major support sits near the $2,800 zone.


A clear move below the $2,800 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term.


Technical Indicators


Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,820

Major Resistance Level – $2,950

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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