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22 hours ago
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Ethereum Price Hits New Weekly Lows Below $2,900

Ethereum's price has recently fallen below $3,000, facing resistance and consolidating around lower levels.

  • ETH dropped below the $2,950 zone and is trading under $2,900 with the 100-hourly Simple Moving Average.
  • A bearish trend line is forming with resistance at $2,920 on the ETH/USD hourly chart.
  • The price could continue declining if it settles below the $2,800 level.

Current Market Analysis

  • ETH attempted a rise but struggled above $3,000, similar to Bitcoin.
  • The price fell below $2,950 and $2,920, entering a bearish zone and reaching a low of $2,790.
  • There is significant resistance at $2,880, $2,920, and a major resistance at $2,980.
  • An upward break above $2,980 may propel the price towards the $3,030 and possibly $3,120 zones.

Ethereum Price

Potential Further Decline

  • If ETH fails to surpass the $2,880 resistance, a decline might resume.
  • Initial support is near $2,800, with major support at $2,780 and further down at $2,740.
  • A drop below $2,780 could lead the price toward $2,625 or even $2,550.

Technical Indicators

  • Hourly MACD: Gaining momentum in the bearish zone.
  • Hourly RSI: Below the 50 mark.
  • Major Support Level: $2,780
  • Major Resistance Level: $2,920