NewsBTC
21 hour ago
0 0

Ethereum Struggles Below $3,000 Amid Consolidation and Recovery Hopes

Ethereum is experiencing a decline from the $3,000 resistance level and is now consolidating losses.

  • ETH traded below $2,920, currently below $3,050 and the 100-hourly SMA.
  • A break occurred above a bearish trend line at $3,000, indicating potential for recovery.
  • If ETH remains above $2,900, it might start increasing again.

Ethereum Price Attempts Recovery

ETH failed to stay above $3,050, declining below $3,000. It tested $2,865 before consolidating.

  • Minor upside seen at 23.6% Fib retracement from $3,366 to $2,865.
  • Current trading below $3,050; bulls need to protect losses below $2,900 for potential recovery.
  • Immediate resistance at $3,065, with key levels at $3,100 and $3,120 (50% Fib retracement).

Ethereum Price

A break above $3,175 could lead to further gains towards $3,220 or $3,300.

Potential Decline in ETH?

If ETH fails to clear $3,065 resistance:

  • Initial support at $2,980; major support at $2,900.
  • A drop below $2,900 may push price to $2,840 or $2,780.
  • Main support could be around $2,720.

Technical Indicators:

  • MACD: Losing momentum in the bearish zone.
  • RSI: Above the 50 zone.
  • Major Support Level: $2,900
  • Major Resistance Level: $3,065