Ethereum has a clear downward channel. Can it break through the resistance and regain confidence?

Ethereum price is currently trying to rebound from the $2,880 support level. If ETH breaks through the $2,960 resistance zone, it may start a new round of rebound.

ETH price is holding near $2,900 and trying to rebound. But it is trading below $2,950 and the 100 hourly simple moving average.

A major bearish trend line with resistance at $2,920 has been broken on the ETH/USD hourly chart. The ETH/USD pair may start a sharp rise if there is a close above the $2,990 and $3,000 resistance levels.

ETH price has started a correction from the low of $2,880, just like Bitcoin. ETH has touched the $2,900 and $2,920 resistance levels.

ETH is currently trading below $2,950 and the 100 hourly simple moving average. An immediate resistance is found at the $2,950 level.

The first major support is near the $2,900 area. The next support level is near $2,865.

A clear break below the $2,865 support level could push the price towards $2,740. Any more losses could lead the price to $2,650 levels in the near term.

Technical indicators

Hourly MACD: MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI: RSI for ETH/USD is currently below the 50 level.

Major support level: $2,865

Major resistance level: $2,950

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