TA: Ethereum shows a bearish technical pattern. It might fall

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Ethereum failed to recover above the pivotal area of ​​$ 3,120 against the US dollar. The price of Ethereum is falling and could continue its losses below $ 2,950.

  • Ethereum failed to overcome resistance levels of $ 3,120 or $ 3,125.
  • The price is trading below $ 3 080 and the 100 hour simple moving mean.
  • A major bearish trendline is emerging with resistance near $ 3,150 (data feed via Kraken).
  • If the low of $ 2,950 is reached, the pair could accelerate further.

Ethereum price remains at high risk

Ethereum began a correction upward from the low of $ 2,950. It is very similar to bitcoin. The resistance levels at $ 3,000 and $3,050 were breached by ETH.

The 23.6% Fib Retracement level of the key fall from $ 3,280 to $ 2,950 was broken. Ether broke even above the $ 3,100 resistance level, but there wasn’t any further upward movement beyond the $ 3,120 resistance level (the final key failure area).

The price remained below $ 3,150 and the 100 hour simple moving average. The ether was rejected at the 50% fiber optic retracement level. It went from $ 3,280 to $ 2,950.

On the hourly chart of ETH/USD, a major bearish trendline is also emerging with resistance at $ 3,150. It is currently falling and trading below $ 3,000 support. Surprisingly, the initial resistance is close to the $ 3,025 mark.

Source: ETHUSD

The $ 3,080 mark is the first level of key resistance. Major resistance remains at the $ 3,120 level. A clear breakout and close to the $ 3,120 level could signal a new rise. In the above scenario, the price could rise towards the resistance at $ 3,200.

Are there more losses in ETH

Ethereum could continue its slide if it fails to surpass resistance levels of $ 3,080 or $ 3,120. Immediate downside support is at the $ 2,950 mark.

A break below the $ 2,950 support zone could cause a sharp decline in the near-term. The next major support area could be $ 2,880. Below which bears could attempt to test the $ 2,600 support zone.

Technical indicators

Hourly MACDThe MACD for USD and ETH is now in the bearish zone.

Hourly RSIThe RSI is now at level 40 for USD and ETH.

Major Support Level – $ 2,950

Major Resistance Level $ 3,120


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