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Ethereum price started to fall again below the $3,150 zone. ETH is struggling and could fall further below the $3,000 support zone.
- Ethereum is slowly falling below the $3,150 zone.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if a close occurs below the $3,000 support zone.
Ethereum price battle continues
Ethereum price tried to make an upside break above the USD 3,200 resistance but failed unlike Bitcoin. ETH started a fresh decline below the USD 3,150 and USD 3,120 support levels.
There was a move below USD 3,080 and the price tested USD 3,040. A low is formed at $3,033 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent decline from the $3,225 swing high to the $3,033 low.
The Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,080 level.
The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the $3,225 swing high to the $3,033 low. The main resistance is now forming around $3,180. A clear move above the USD 3,180 resistance could send the price towards the USD 3,220 resistance.
An upside break above the USD 3,220 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,450 resistance zone.
Lose more in ETH?
If Ethereum fails to clear the USD 3,100 resistance, it could trigger another decline. The initial downside support is near the $3,030 level. The first major support is near the $3,000 zone.
A clear move below the USD 3,000 support could push the price towards USD 2,920. Any further losses could send the price towards the USD 2,880 support level in the near term. The next major support is at $2,740.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,030
Major resistance level – $3,100
