Ethereum price started a decent upward move but failed near $3,050. ETH is now struggling and might continue to move down below $2,900.
Ethereum price started a recovery wave above the $2,920 and $2,950 levels, like Bitcoin. ETH price even climbed above the $3,000 resistance before the bears appeared.
A high was formed at $3,053, and the price started another decline. There was a sharp decline below $3,000 and $2,980. The bears even pushed the price below $2,950. A low was formed at $2,907 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $3,053 swing high to the $2,907 low.
Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If the bulls are able to protect more losses below $2,900, the price could attempt another recovery wave.
Immediate resistance is seen near the $2,940 level. Besides, there is a short-term contracting triangle forming with resistance at $2,930 on the hourly chart of ETH/USD. The first key resistance is near the $2,955 level. The next major resistance is near the $2,980 level. It is close to the 50% Fib retracement level of the downward move from the $3,053 swing high to the $2,907 low.
A clear move above the $2,950 resistance might send the price toward the $3,000 resistance. An upside break above the $3,000 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,050 resistance zone or even $3,120 in the near term.
If Ethereum fails to clear the $2,955 resistance, it could start a fresh decline. Initial support on the downside is near the $2,900 level.
The first major support sits near the $2,880 zone. A clear move below the $2,880 support might push the price toward the $2,840 support. Any more losses might send the price toward the $2,800 region. The next key support sits at $2,720.
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 – $2,900
Major Resistance Level – $2,955
