Ethereum's price has started to decline again below the $3,150 area. ETH is struggling and may further drop below the support area of $3,000.
Ethereum is slowly drifting below $3,150.
The price is below $3,100 and the 100-hour simple moving average.
On the hourly chart of ETH/USD, a connected bearish trendline is forming, with resistance at $3,080 (data provided by Kraken).
If the closing price falls below the support area of $3,000, the currency pair may expand its decline.
The battle for Ethereum's price continues
Ethereum's price attempted to break the resistance level of $3,200, but unlike Bitcoin, it failed. ETH began to drop below the support levels of $3,150 and $3,120.
The price dropped below $3,080 and tested $3,040. A low was formed at $3,033, and the current price is consolidating. It tested the 23.6% Fibonacci retracement level from the recent high of $3,225 to the low of $3,033.
Ethereum's price is currently below $3,000 and the 100-hour simple moving average. On the positive side, the price seems to face obstacles near $3,080.
The first major resistance level is near $3,120, which is the 50% Fibonacci retracement level from the recent high of $3,225 to the low of $3,033. The current major resistance level is forming near $3,180. A clear break above the resistance level of $3,180 could push the price towards the resistance level of $3,220.
Breaking above the resistance level of $3,220 may bring more gains in the coming trading days. In this case, Ethereum may rise to the resistance level of $3,450.
Will ETH's losses be even greater?
If Ethereum fails to break the resistance level of $3,100, it may decline again. The initial support level on the downside is around $3,030. The first major support level is near the $3,000 area.
Falling below the $3,000 support level could push the price towards $2,920. If the price declines further, it may drop to the support level of $2,880 in the short term. The next key support level is at $2,740.
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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 area.
Major support level - $3,030
Major resistance level - $3,100
