Ethereum dips below $3K, can bulls save the day?





ETH bulls need to protect the $2,950 support to avoid a near-term trend change.

  • Ethereum failed to gain strength above $3,150 and started a fresh decline.
  • The price is now trading above $3,030 and the 100 hourly simple moving average.
  • There was a break below a key uptrend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair needs to stay above the $2,950 support to avoid further near-term declines.

Ethereum price drops

Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to strengthen above the $3,150 level and formed a short-term high near $3,180.

A high was formed at $3,179 and the price started a steep decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Additionally, there was a break below a key uptrend line with support near $3,100 on the hourly chart of ETH/USD.

Ether price declined below the 50% Fib retracement level of the uptrend between the $2,880 low and $3,179 high. The price even tested the $2,950 support zone.

It looks like the bulls are defending the 76.4% Fib retracement level of the uptrend between the $2,880 low and $3,179 high. On the upside, a first resistance is seen near the $3,020 level. The next major resistance is seen near the $3,030 level.

Source: ETHUSD on TradingView. Ceci pourrez vous intéresser : Quelle est la prochaine crypto-monnaie qui explosera en 2022 ? Top 8 des pépites cryptos à fort potentiel.com

The main resistance now lies near $3,060 and the 100 hourly simple moving average. A close above the $3,060 level could trigger a further short-term rise. In the indicated case, Ether might rise towards the $3,150 level.

More downsides for ETH?

If Ethereum fails to gain ground above the $3,030 level, it could continue to decline. An initial downside support can be found near the $2,970 area.

The first major support is found near the $2,950 level. If there is a downside break below the $2,950 support, the price could accelerate lower. The next major support is near the $2,880 area.

Technical indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major support level – 2,950

Major resistance level – $3,060.

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