Ethereum has been facing another decline in its price, dropping below the $3,000 mark. The current situation indicates that ETH must hold support levels at $2,800 and $2,850 to prevent a significant drop in value. The price has tested the $2,900 zone and is trading below $3,120 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at $3,120 on the hourly chart of ETH/USD, which suggests a downward trend for now. If the price continues to stay below the $2,850 support, we may see further downward movement.
Despite attempts to gain momentum and break above the $3,250 level, Ethereum has struggled and faced another decline similar to Bitcoin. The bears have managed to push the price below $3,000, with a recent low at $2,916. Currently, the price is consolidating with minor fluctuations above the $3,000 level. The resistance levels at $3,000 and $3,020 are proving to be challenging for ETH, limiting any significant upward movement. Ethereum is currently trading below the 100-hourly Simple Moving Average, with immediate resistance near the $3,020 level.
The next key resistance level for Ethereum is at $3,185, followed by $3,250. A breakthrough above these levels could potentially trigger a positive trend towards $3,350 and even $3,500. However, failing to clear the $3,120 resistance may lead to further downward movement. Initial support lies at $2,940, followed by the $2,850 zone, and the main support level at $2,800. A significant drop below $2,800 could push the price towards $2,650 and possibly $2,540 in the near term.
The Hourly MACD for ETH/USD is showing momentum in the bearish zone, reflecting the current downward trend. The Hourly RSI is below the 50 level, indicating a potential continuation of the bearish movement. Major support is at $2,940, while resistance is at $3,120.
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