Ethereum Price Flashes Bearish Bias, Bulls Lose Short-Term Control

[Ben Graham]

Ethereum price failed to continue higher above $3,000 and dipped. ETH is now showing bearish signs and might slide further below $2,880.

• Ethereum started a fresh decline below $3,000 and $2,980.
• The price is trading below $2,950 and the 100-hourly Simple Moving Average.
• There was a break below a rising channel with support at $2,980 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it settles below the $2,880 zone.

Ethereum Price Faces Rejection

Ethereum price failed to stay above the $3,000 pivot level and started a fresh decline, like Bitcoin. ETH price dipped below $2,980 to enter a bearish zone.

The bears were able to push the price below the 50% Fib retracement level of the upward move from the $2,775 swing low to the $3,075 high. Besides, there was a break below a rising channel with support at $2,980 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 are able to protect more losses below $2,880, the price could start a fresh recovery.

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 $3,200 resistance zone or even $3,220 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 $2,880 level and the 61.8% Fib retracement level of the upward move from the $2,775 swing low to the $3,075 high.

The first major support sits near the $2,845 zone. A clear move below the $2,845 support might push the price toward the $2,800 support. Any more losses might send the price toward the $2,775 region. The next key support sits at $2,720.

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