Ethereum failed to clear the $3,200 resistance and declined further against the US Dollar. ETH price is now at a risk of more downsides below $3,050 and $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 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue lower if it fails to stay above the $3,050 support zone.
Ethereum Price Slides Further
Ethereum failed to settle above the $3,200 pivot level. ETH price started a fresh decline 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 hourly simple moving average. Ether is now consolidating near the 23.6% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low.
On the upside, the first key resistance is near the $3,120 level. The main resistance is now forming near the $3,150 level. There is also a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low. A clear break above the $3,150 resistance might open the doors for a steady increase. The next key resistance is now forming near the $3,200 level. Any more gains may possibly call for a move towards the $3,300 level.
More Losses in ETH?
If ethereum fails to continue higher above the $3,120 and $3,150 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,080 level.
The next major support is now forming near the $3,060 zone. A downside break below the $3,060 support zone could accelerate losses. The main support sits near the $3,000 level, below which the bulls could struggle in the coming days. The next key supports sits near the $2,880 and $2,850 levels.
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is well below the 50 level.
Major Support Level – $3,060
Major Resistance Level – $3,150
I’m a highly experienced and successful crypto author with over 10 years of experience in the industry. I have written for some of the biggest names in the space, and my work has been featured in major publications such as Bloomberg, Forbes, and The Wall Street Journal. I am a sought-after speaker and commentator on all things crypto, and my work is widely respected by my peers. If you’re looking for someone who can provide insights and analysis on the latest developments in the world of cryptocurrencies, you can contact me.