Ethereum Price Takes Hit and Turns At Risk of Fresh Lows

Ethereum’s price has taken a hit and is now at risk of reaching fresh lows. The cryptocurrency is facing resistance below $2,950 and may continue its downward movement towards the $2,550 support level in the near future. Ethereum struggled to surpass the $2,950 resistance and has started a new decline. Currently, it is trading below $2,920 and the 100-hourly Simple Moving Average, indicating a bearish trend. There is a significant bearish trend line forming with resistance at $2,910 on the hourly chart of ETH/USD. If the price breaks below the $2,850 support level, it may gain further bearish momentum. Ethereum’s price failed to rise above $2,950 and has begun a fresh decline. A low has been established at $2,864, and the price is currently consolidating its losses. Immediate resistance is at $2,900, followed by the major resistance at $2,920. There is also a key resistance level at $2,910, which is the bearish trend line resistance mentioned earlier. If the price manages to surpass the $3,020 level and the 100-hourly Simple Moving Average, it might gain traction and rise towards the $3,150 and $3,250 resistance levels. However, if Ethereum fails to clear the $2,920 resistance, it may initiate another decline. The first major support level is at $2,865, followed by the $2,840 zone. If the price breaks below the $2,780 support, it could fall towards $2,650 and potentially reach the $2,550 level in the near term. The MACD indicator is gaining momentum in the bearish zone, while the RSI indicator is below the 50 level. These technical indicators further support the possibility of further losses in Ethereum’s price.