Ethereum price is currently experiencing a dip below the $3,000 level, similar to Bitcoin. However, there is potential for a rebound if it manages to clear the resistance levels at $3,000 and $3,030. The price is currently trading below $3,050 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a break above a key bearish trend line with resistance at $2,980.
In order for a fresh increase to occur, Ethereum must hold the support level at $2,940 and move towards $3,220. The next key resistance levels to watch include $3,080 and $3,150, above which the price could rise and test the $3,220 resistance. Further gains may see Ether approach the $3,350 resistance zone.
However, if Ethereum fails to clear the resistance at $3,030, it may experience another decline. The first support level lies at $2,965, followed by the major support level at $2,940. A clear move below $2,880 could push the price even lower towards $2,720, and any further losses might bring it closer to the $2,650 level in the near future.
The technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI has dropped below the 50 level.
Please note that the information provided in this article is for educational purposes only and does not represent the opinions of NewsBTC. It is important to conduct your own research and exercise caution when making investment decisions.