Ethereum (ETH) price started another decline, plunging over 5% to below $3,000. ETH must stay above the $2,800 and $2,850 support levels to avoid a major drop.

Ethereum started another decline and tested the $2,900 zone.

The price is trading below $3,120 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it settles below the $2,850 support.

Ethereum Price Dives Again

Ethereum price struggled to gain pace for a move above the $3,250 level and started another decline, like Bitcoin. ETH traded below the $3,120 level. The bears even pushed the price below the $3,000 level.

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A low was formed at $2,916 and the price is now consolidating. There was a minor increase above the $3,000 level. 

The price tested the 23.6% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. However, the bears were active near the $3,000 and $3,020 levels.

Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100-hourly Simple Moving Average.

There is also a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low.

The next key resistance sits at $3,185, above which the price might gain traction and rise toward the $3,250 level. 

A close above the $3,250 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,120 resistance, it could continue to move down. Initial support on the downside is near the $2,940 level and the channel zone. 

The first major support is near the $2,850 zone.

The main support is near the $2,800 level. A clear move below the $2,800 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 level in the near term.

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 level.

  • Major Support Level – $2,940

  • Major Resistance Level – $3,120

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