Ethereum started a fresh decline from the $3,080 resistance against the US Dollar. ETH price traded below the key $3,000 support and even declined below $2,920.
- Ethereum failed to clear $3,080 and started a fresh decline.
- The price is now trading below $3,000 and the 100 hourly simple moving average.
- There was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could recover, but upsides might be capped near the $2,950 level.
Ethereum Price Breaks Key Support
Ethereum attempted a fresh increase above the $3,050 level and the 100 hourly simple moving average. However, ETH failed to gain strength above the $3,080 level.
A high was formed near $3,082 and the price started a fresh decline. There was a clear move below the $3,050 support level and the 100 hourly simple moving average. Besides, there was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USD.
Source:The 50% Fib retracement level of the recent decline from the $3,082 swing high to $2,896 low is also near the $2,990 level. A close above the $3,000 level and the 100 hourly simple moving average might start a decent recovery wave. The next major resistance could be near the $3,050.
More Losses in ETH?
If ethereum fails to start a recovery wave above the $3,000 level, it could continue to move down. An initial support on the downside is near the $2,900 zone. The next major support is near the $2,850 level. If there is a downside break below the $2,850 support, the price could start another decline. In this scenario, there is a risk of a move towards the $2,780 level. Technical IndicatorsHourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 30 level.
Major Support Level – $2,900 Major Resistance Level – $3,000
