Ethereum worth is gaining bearish momentum under $2,950. ETH would possibly proceed to maneuver down towards the $2,550 help within the close to time period.
- Ethereum struggled to clear the $2,950 resistance and began a contemporary decline.
- The worth is buying and selling under $2,920 and the 100-hourly Simple Moving Average.
- There is a key bearish development line forming with resistance at $2,910 on the hourly chart of ETH/USD (knowledge feed through Kraken).
- The pair may acquire bearish momentum if there’s a transfer under the $2,850 help.
Ethereum Price Extends Losses
Ethereum worth didn’t proceed greater above the $2,950 resistance, like Bitcoin. A excessive was shaped at $2,951 and the worth began a contemporary decline. There was a gentle decline under the $2,920 and $2,900 ranges.
A low has shaped at $2,864 and the worth is now consolidating losses. It is buying and selling close to the 23.6% Fib retracement stage of the downward transfer from the $2,951 swing excessive to the $2,864 low. Ethereum is now buying and selling under $2,950 and the 100-hourly Simple Moving Average.
Immediate resistance is close to the $2,900 stage. The first main resistance is close to the $2,920 stage or the 50% Fib retracement stage of the downward transfer from the $2,951 swing excessive to the $2,864 low.
There can be a key bearish development line forming with resistance at $2,910 on the hourly chart of ETH/USD. The subsequent key resistance sits at $2,950 and 100-hourly Simple Moving Average, above which the worth would possibly acquire traction and rise towards the $3,020 stage.
Source: ETHUSD on TradingView.com
If there’s a clear transfer above the $3,020 stage, the worth would possibly rise and check the $3,150 resistance. Any extra positive aspects may ship Ether towards the $3,250 resistance zone.
More Losses In ETH?
If Ethereum fails to clear the $2,920 resistance, it may begin one other decline. Initial help on the draw back is close to the $2,865 stage. The first main help is close to the $2,840 zone.
The subsequent help is close to the $2,780 stage. A transparent transfer under the $2,780 help would possibly push the worth towards $2,650. Any extra losses would possibly ship the worth towards the $2,550 stage within the close to time period.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now under the 50 stage.
Major Support Level – $2,865
Major Resistance Level – $2,920
