TA: Ethereum continues to decline, why ETH could review $ 3,000

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Ethereum continued to fall below the $ 3,200 support level against the US dollar. The ETH price may continue to decline below the $ 3120 support area.

  • Ethereum continued to fall below the $ 3,250 & $ 3,200 support levels.
  • The price is trading at $ 3,250, below the 100 hour simple moving mean.
  • The hourly ETH/USD chart shows a bearish continuation pattern with support at $ 3,170 (data feed via Kraken).
  • The pair could continue falling if it does not stay above the $ 3120 support area.

Ethereum price drops

Ethereum lost more than $ 3,300 and failed to maintain its support zone of $ 3,300. The price of ETH broke through the key support area of ​​$ 3,250 to enter a bearish area, similar to bitcoin.

Even breaking through the support of $ 3,200, and the 100-hour simple move average, the price also broke through. Ether traded as low as $ 3.150 and is now consolidating its losses. It recovered above the levels of $ 3,170, $ 3,180. It broke above the 23.6% Fib Retracement level of the recent fall from $ 3,380 to $ 3,150.

It is consolidating below $ 3,250, the 100-hour simple moving average. On the hourly USD / ETH chart, there is a key bearish continuation trend. Support is near $ 3,170.

On the upside, initial resistance lies near the $ 3200 and $ 3 220 levels. A clear break above $ 3,220 and the triangle resistance could signal a steady rise. The $ 3,265 mark is the next major resistance. It is now near the 50% fiber-retracement level of recent decline, which went from a high of $33,380 to a low at $ 3,150.

Source: ETHUSD

Moving towards the $ 3300 level may be necessary to make further gains in the near-term. Intermediate resistance could be at the $ 3,292 level.

Are there more losses in ETH

Ethereum could extend its decline if it fails above the resistance levels $ 3,200 and $ 3 220. The immediate downside support is at the $ 3,150 level.

Support is forming around the $ 3,120 support area. A fall below the $ 3120 support area could push the price further down. The next major support area could be $ 3,320.

Technical indicators

Hourly MACDSlowly, the MACD for USD / ETH is losing momentum in a bearish zone.

Hourly RSIThe RSI for USD / ETH is still below 50.

Major support level – $ 3,120

Major Resistance Level $ 3,265


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