Ethereum Price revisits key support, can bears take over? — TradingView News

Ethereum price started a fresh decline and traded below $2,920. ETH could gain bearish momentum if there is a close below the $2,800 support zone.

• Ethereum remained in a bearish zone and traded below the $2,900 zone.
• The price is trading below $2,950 and the 100 hourly simple moving average.
• There is a connected downtrend line with resistance at $3,050 on the ETH/USD hourly chart (data feed via Kraken).
• The pair could continue to decline if it remains below the $3,050 resistance.

Ethereum price extends losses

Ethereum price remained in a bearish zone below the $3,120 level, similar to Bitcoin. ETH has been trading below the $3,000 level. The bears even pushed the price below the $2,920 level.

A low formed at $2,813 and the price is currently consolidating. There was a slight increase above the $2,900 level. The price tested the 23.6% Fibonacci retracement level of the descending wave from the $3,355 high to $2,813 low. However, the bears were active near the $2,950 and $2,965 levels.

Ethereum is now trading below $3,000 and the 100 hourly simple moving average. Immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 level and the 100 hourly simple moving average.

There is also a downtrend line forming with resistance at $3,050 on the ETH/USD hourly chart. The trendline is near the 50% Fibonacci retracement level of the descending wave from the $3,355 high to $2,813 low.

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Source: ETHUSD on TradingView.com

The next key resistance lies at $3,085, above which the price could gain ground and reach the $3,150 level. A close above the $3,150 resistance could push the price towards the $3,250 resistance. If there is a move above the $3,250 resistance, Ethereum could even test the $3,350 resistance. Any further gains could send Ether towards the $3,500 resistance zone.

More disadvantages in ETH?

If Ethereum fails to breach the $3,050 resistance, it could continue to decline. Initial downside support is near the $2,850 level. The first major support lies near the $2,820 area.

The main support is near the $2,820 level. A sharp move below the $2,820 support could push the price towards $2,650. Any further losses could push the price towards 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 – $2,820

Major Resistance Level – $3,050

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