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.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major support level – 2,950
Major resistance level – $3,060.
68% of retail investor accounts lose money when trading CFDs with this provider. You should ask yourself if you can afford to take the high risk of losing your money. eToro users in France cannot open positions to buy real crypto assets, all orders are opened as CFDs.