Ethereum
Ethereum price is hit and risks new lows
Ethereum price gains bearish momentum below $2,950. ETH may continue to decline towards the $2,550 support in the near term.
- Ethereum struggled to breach the $2,950 resistance and began a fresh decline.
- The price is trading below $2,920 and the 100 hourly simple moving average.
- A key downtrend line forms with resistance at $2,910 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bearish momentum if it breaks below the $2,850 support.
Ethereum price extends losses
Ethereum price failed to continue above the $2,950 resistance as Bitcoin. A high was reached at $2,951 and the price began a further decline. There was a steady decline below the $2,920 and $2,900 levels.
A low formed at $2,864 and the price is now consolidation of losses. It is trading near the 23.6% Fib retracement level of the downward move from the $2,951 high to $2,864 low. Ethereum is now trading below $2,950 and the 100 hourly simple moving average.
Immediate resistance is near the $2,900 level. The first major resistance is near the $2,920 level or the 50% Fibonacci retracement level of the downward move from the $2,951 high to $2,864 low.
There is also a key downtrend line forming with resistance at $2,910 on the ETH/USD hourly chart. The next key resistance lies at $2,950 and the 100 hourly simple moving average, above which the price could gain ground and reach the $3,020 level.
Source: ETHUSD on TradingView.com
If there is a clear move above the $3,020 level, the price could move higher and test the $3,150 resistance. Any further gains could send Ether towards the $3,250 resistance zone.
More losses in ETH?
If Ethereum fails to clear the $2,920 resistance, it could begin a further decline. Initial support on the downside is near the $2,865 level. The first major support lies near the $2,840 area.
The next support is near the $2,780 level. A sharp move below the $2,780 support could push the price towards $2,650. Any further losses could push the price towards the $2,550 level in the near term.
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 level.
Major Support Level – $2,865
Major Resistance Level – $2,920