Ethereum failed to recover above the $3,120 pivot zone against the US Dollar. ETH price is declining and it could extend its losses below $2,950.
- Ethereum struggled to recover above the $3,120 and $3,125 resistance levels.
- The price is now trading below $3,080 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower if there is a close below the $2,950 low.
Ethereum Price Remains At Risk
Ethereum started an upside correction from the $2,950 low, similar to bitcoin. ETH price surpassed the $3,000 and $3,050 resistance levels.
There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone).
Source:The first key resistance is now forming near the $3,080 level. The main resistance is still near the $3,120 level. A clear break and close above the $3,120 zone might start a fresh increase. In the stated scenario, the price might recover towards the $3,200 resistance.
More Losses in ETH?
If ethereum fails to continue higher above the $3,080 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,950 level. A downside break below the $2,950 support zone could spark a sharp decline in the near term. The next major support could be $2,880, below which the bears might aim a test of the $2,600 support zone.Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 40 level.
Major Support Level – $2,950 Major Resistance Level – $3,120