Ethereum price started another 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 connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the $3,050 resistance.
Ethereum Price Extends Losses
Ethereum price remained in a bearish zone below the $3,120 level, like Bitcoin. ETH traded below the $3,000 level. The bears even pushed the price below the $2,920 level.
A low was formed at $2,813 and the price is now consolidating. There was a minor increase above the $2,900 level. The price tested the 23.6% Fib retracement level of the downward wave from the $3,355 swing high to the $2,813 low. However, the bears were active near the $2,950 and $2,965 levels.
More Downsides In ETH?
If Ethereum fails to clear the $3,050 resistance, it could continue to move down. Initial support on the downside is near the $2,850 level. The first major support is near the $2,820 zone.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