Ethereum started a major decline below the $3,200 support zone against the US Dollar. ETH rate traded as low as $2,807 and it is now trying a recovery wave.
- Ethereum started a fresh decline below the $3,300 and $3,200 support levels.
- The rate is now trading listed below $3,200 and the 100 per hour basic moving average.
- There is a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The set could a consistent recovery wave if there is a close above $3,050 in the near term.
Ethereum Price Corrects Losses
Ethereum started a major decline from the $3,500 resistance zone. ETH traded listed below lots of essential assistance zones near $3,300 and the 100 per hour basic moving average, comparable to bitcoin.
The bears gained strength below the $3,200 support zone. Finally, ether increased listed below $3,000 and extended its decrease. A low is formed near $2,807 and the price is now correcting losses. There was a break above the $2,920 and $2,950 resistance levels.
The price recovered above the 23.6% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. An instant resistance on the advantage is near the $3,020 level. There is also a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD.
A close above the $3,020 and $3,050 levels could start a decent recovery. The next significant resistance may be near the $3,130 level. It is near the 50% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. A clear break and close above the $3,130 level could begin a consistent boost. The next major resistance sits near $3,300.
More Losses in ETH?
If ethereum stops working to remedy greater above the $3,020 and $3,050 resistance levels, it could begin another decrease. An initial support on the downside is near the $2,960 level.
The next significant assistance appears to be forming near the $2,900 level. A downside break below the $2,900 support zone could lead the price towards the $2,800 zone. The next significant assistance is near the $2,750 level, listed below which ether rate may decrease towards the $2,640 assistance zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gradually losing rate in the bearish zone.
Hourly RSI – The RSI for ETH/USD is still well below the 50 level.
Major Support Level – $2,960
Major Resistance Level – $3,050
