Ethereum Price Slips Below $3,000, Setting Up A Support Battle

[Ben Graham]

Ethereum price started a recovery wave above the $2,880 zone but it failed near $3,050. ETH is declining and might struggle to stay above $2,920.

• Ethereum failed to stay above $3,000 and started a fresh decline.
• The price is trading below $2,990 and the 100-hourly Simple Moving Average.
• There was a break below a bullish trend line with support at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it stays above the $2,880 zone.

Ethereum Price Dips Again

Ethereum price managed to remain stable above $2,880 and started a recovery wave, like Bitcoin. ETH price was able to clear the $2,920 and $2,950 resistance levels.

The bulls even pumped the price above $3,000. However, the bears remained active near $3,050. A high was formed at $3,040 and the price started another decline. There was a move below the 23.6% Fib retracement level of the recent upward move from the $2,784 swing low to the $3,040 high.

Besides, there was a break below a bullish trend line with support at $3,000 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,980 and the 100-hourly Simple Moving Average.

If the bulls remain in action above $2,920, the price could attempt another increase. Immediate resistance is seen near the $2,980 level. The first key resistance is near the $3,000 level. The next major resistance is near the $3,050 level.

A clear move above the $3,050 resistance might send the price toward the $3,120 resistance. An upside break above the $3,120 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,180 resistance zone or even $3,200 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $3,000 resistance, it could start a fresh decline. Initial support on the downside is near the $2,920 level. The first major support sits near the $2,880 zone or the 61.8% Fib retracement level of the recent upward move from the $2,784 swing low to the $3,040 high.

A clear move below the $2,880 support might push the price toward the $2,820 support. Any more losses might send the price toward the $2,780 region. The main support could be $2,740.

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 – $3,000