Ethereum Slips to $3K, Highlighting Weakness After Recent Failed Rebound
Ethereum price failed to stay above $ 3,250 and extended losses. ETH is down over 5% and might struggle to recover above $ 3,250 in the near term.
- Ethereum started a fresh decline after it failed to stay above $ 3,200.
- The price is trading below $ 3,200 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $ 3,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it settles below the $ 3,000 zone.
Ethereum Price Dips Further
Ethereum price failed to continue higher above $ 3,350 and started a fresh decline, like Bitcoin. ETH price dipped below $ 3,200 and entered a bearish zone.
The decline gathered pace below $ 3,150 and the price dipped below $ 3,050. A low was formed at $ 3,003 and the price is now correcting some losses. There was a move toward the 23.6% Fib retracement level of the recent decline from the $ 3,560 swing high to the $ 3,003 low.
Ethereum price is now trading below $ 3,200 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $ 3,160 level. There is also a key bearish trend line forming with resistance at $ 3,160 on the hourly chart of ETH/USD.
The next key resistance is near the $ 3,280 level and the 50% Fib retracement level of the recent decline from the $ 3,560 swing high to the $ 3,003 low.
The first major resistance is near the $ 3,350 level. A clear move above the $ 3,350 resistance might send the price toward the $ 3,450 resistance. An upside break above the $ 3,450 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $ 3,500 resistance zone or even $ 3,550 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $ 3,280 resistance, it could start a fresh decline. Initial support on the downside is near the $ 3,050 level. The first major support sits near the $ 3,000 zone.
A clear move below the $ 3,000 support might push the price toward the $ 2,880 support. Any more losses might send the price toward the $ 2,750 region in the near term. The next key support sits at $ 2,640 and $ 2,620.
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 zone.
Major Support Level – $ 3,050
Major Resistance Level – $ 3,280