ethereum price started another decline and traded below $3,000. eth must stay above the $2,800 and $2,850 support levels to avoid a major decline.
- ethereum started another decline and tested the $2,900 zone.
- The price is trading below $3120 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $3,120 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to decline if it establishes below the $2,850 support.
ethereum price falls again
ethereum price struggled to gain pace to break above the $3,250 level and began another decline, just like bitcoin. eth traded below the $3,120 level. The bears even pushed the price below the $3,000 level.
A low was formed at $2,916 and the price is now consolidating. There was a minor increase above the $3,000 level. The price tested the 23.6% Fibonacci retracement level of the downside move from the high of $3,356 to the low of $2,916. However, the bears were active near the $3,000 and $3,020 levels.
ethereum is now trading below $3,120 and the 100 hourly simple moving average. The immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100 hourly simple moving average.
There is also a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of eth/USD. The trend line is near the 50% Fibonacci retracement level of the downward move from the high of $3,356 to the low of $2,916.
<img decoding="async" class="alignnone size-full wp-image-605910" src="https://www.newsbtc.com/wp-content/uploads/2024/05/ethereum.png?resize=1024%2C461″ alt=”ethereum Price” width=”1024″ height=”461″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/05/ethereum.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/ethereum.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/ethereum.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/ethereum.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/ethereum.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/ethereum.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/ethereum.png?resize=1024%2C461?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next key resistance lies at $3,185, above which the price could gain traction and rise towards the $3,250 level. A close above the $3,250 resistance could send the price towards the $3,350 resistance. If there is a move above the $3,350 resistance, ethereum could even test the $3,500 resistance. Any further gains could send Ether towards the $3,620 resistance zone.
More disadvantages in eth?
If ethereum fails to overcome the $3,120 resistance, it could continue down. Initial support on the downside is near the $2,940 level and the channel zone. The first major support is near the $2,850 area.
The main support is near the $2,800 level. A clear move below the $2,800 support could push the price towards $2,650. Any further losses could send the price towards the $2,540 level in the near term.
Technical Indicators
MACD hourly – 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.
Main Support Level: $2,940
Main Resistance Level: $3,120
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