Ethereum’s price has once again declined and dropped below the key support level of $2,920. If the price continues to stay below the $2,800 support zone, it could gain further bearish momentum.
Currently, Ethereum remains in a bearish zone, trading below $2,950 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a connecting bearish trend line forming with resistance at $3,050, indicating a potential resistance level for the price.
The recent drop in Ethereum’s price saw it trading below $3,000 and the 100-hourly Simple Moving Average. The immediate resistance is expected near the $2,965 level, followed by major resistance at $3,050 and the 100-hourly Simple Moving Average. If the price manages to break above these levels, it could climb towards $3,150 and potentially even test the $3,250 and $3,350 resistance levels. Further gains could push the price towards the $3,500 resistance zone.
However, if Ethereum fails to clear the $3,050 resistance, it is likely to experience more downside movement. The initial support level on the downside is near $2,850, with the main support at $2,820. A clear move below $2,820 could result in a drop towards $2,650, and further losses might bring the price closer to the $2,540 level in the near term.
The technical indicators are currently signaling a bearish momentum, with the MACD for ETH/USD gaining momentum in the bearish zone and the RSI below the 50 level.
Note that this article is for educational purposes only and does not constitute investment advice. It is always recommended to conduct thorough research before making any investment decisions.