ethereum price is gaining bearish momentum below $2,950. eth could continue declining towards the $2,550 support in the near term.
- ethereum struggled to overcome the $2,950 resistance and began a new decline.
- The price is trading below $2,920 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $2,910 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bearish momentum if there is a move below the $2,850 support.
ethereum price extends losses
ethereum price failed to continue rising above the $2,950 resistance, like bitcoin. A high was formed at $2,951 and the price started a new decline. There was a steady decline below the $2,920 and $2,900 levels.
A low has been formed at $2,864 and the price is now consolidating losses. It is trading near the 23.6% Fibonacci retracement level of the downward move from the high of $2,951 to the low of $2,864. ethereum is now trading below $2,950 and the 100 hourly simple moving average.
The immediate resistance is near the $2,900 level. The first major resistance is near the $2,920 level or the 50% Fibonacci retracement level of the downward move from the high of $2,951 to the low of $2,864.
There is also a key bearish trend line forming with resistance at $2,910 on the hourly chart of eth/USD. The next key resistance lies at $2,950 and the 100-hour simple moving average, above which the price could gain traction and rise towards the $3,020 level.
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Fountain: ETHUSD on TradingView.com
If there is a clear move above the $3,020 level, the price could rise and test the resistance of $3,150. Any further gains could send Ether towards the $3,250 resistance zone.
More losses on eth?
If ethereum fails to overcome the $2,920 resistance, it could start another decline. Initial support on the downside is near the $2,865 level. The first major support is near the $2,840 area.
The next support is near the $2,780 level. A clear move below the $2,780 support could push the price towards $2,650. Any further losses could send the price towards the $2,550 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: $2,865
Main Resistance Level: $2,920
