Ethereum Price Declines Below $3,150 as Support Weakens
Ethereum price is experiencing a decline below the $3,150 zone and may drop further under the $3,000 support level.
- Ethereum is moving lower beneath the $3,150 zone.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may extend losses if it closes below the $3,000 support zone.
Ethereum Price Struggle Continues
Ethereum attempted to break above the $3,200 resistance but failed, unlike Bitcoin. It started a decline below the $3,150 and $3,120 support levels.
After dropping below $3,080, the price tested $3,040, forming a low at $3,033. Currently, it is consolidating and has tested the 23.6% Fibonacci retracement level from the recent drop between the $3,225 swing high and the $3,033 low.
Ethereum is now trading below $3,000 and the 100-hourly Simple Moving Average. The price faces resistance near the $3,080 level.
The first major resistance is around $3,120 or the 50% Fibonacci retracement level from the recent drop. The main resistance is near $3,180. A clear move above $3,180 could push the price toward the $3,220 resistance.
An upside break above the $3,220 resistance might lead to further gains. In that case, Ether could rise toward the $3,450 resistance zone.
More Losses In ETH?
If Ethereum cannot surpass the $3,100 resistance, another decline may occur. Initial support is near the $3,030 level, with major support at the $3,000 zone.
A drop below the $3,000 support could push the price toward $2,920, and additional losses may lead to the $2,880 support level in the near term. The next key support is at $2,740.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is currently below the 50 zone.
Major Support Level: $3,030
Major Resistance Level: $3,100