NewsBTC
19 hour ago
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Ethereum Faces Potential Decline Below Key Support Levels

Ethereum Price Overview

  • Ethereum attempted a recovery but faced resistance above $3,000, leading to a decline.
  • Current trading is below $2,950 and the 100-hourly Simple Moving Average.
  • A contracting triangle with resistance at $2,930 is forming on the hourly chart of ETH/USD.
  • If Ethereum breaks below the $2,880 zone, further downward movement is possible.

Price Movements

  • The price initially climbed above $3,000, reaching a high of $3,053 before declining.
  • Sharp declines brought the price below $3,000 and eventually to a low of $2,907.
  • The price is now consolidating below the 23.6% Fib retracement level from $3,053 to $2,907.
  • Resistance levels to watch are at $2,940, $2,955, and $2,980.
  • An upside break above $2,950 could lead to testing the $3,000 and $3,050 zones.

Ethereum Price

Potential Downside

  • If unable to surpass $2,955, Ethereum may start another decline.
  • Initial support is around $2,900, with significant support at $2,880.
  • Further declines could target supports at $2,840 and $2,800, with key support at $2,720.

Technical Indicators

  • Hourly MACD indicates bearish momentum for ETH/USD.
  • Hourly RSI is below 50, suggesting selling pressure.