BTC / USD
67,444.44
4.7%
(-3326.77)
ETH / USD
3,268.17
7.4%
(-261.11)
XRP / USD
0.54
10.81%
(-0.07)
LTC / USD
85.70
12.07%
(-11.77)
EOS / USD
0.89
19.83%
(-0.22)
BCH / USD
533.15
12.15%
(-73.73)
ADA / USD
0.51
12.35%
(-0.07)
XLM / USD
0.11
12.62%
(-0.02)
NEO / USD
19.92
12.5%
(-2.84)
XEM / USD
0.04
17.46%
(-0.01)
DASH / USD
31.77
16.37%
(-6.22)
USDT / USD
1.00
0.07%
(0)
BNB / USD
592.23
4.85%
(-30.18)
QTUM / USD
4.49
16.28%
(-0.87)
XVG / USD
0.01
15.97%
(-0)
ONT / USD
0.35
19.78%
(-0.09)
ZEC / USD
23.50
11.81%
(-3.15)
STEEM / USD
0.28
16.4%
(-0.06)

Ethereum Dives Below $3K, Can The Bulls Save Day?

0

Ethereum started a sharp decline from $3,180 against the US Dollar. ETH bulls must protect the $2,950 support to avoid a trend change in the near term.

  • Ethereum failed to gain strength above $3,150 and started a fresh decline.
  • The price is now trading above $3,030 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $2,950 support to avoid more downsides in the near term.

Ethereum Price Dips

Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to gain strength above the $3,150 level and formed a short-term top near $3,180.

A high was formed at $3,179 and the price started a sharp decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD.

Ether price declined below the 50% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. The price even tested the $2,950 support zone.

It seems like the bulls are defending the 76.4% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. On the upside, an initial resistance is seen near the $3,020 level. The next major resistance is near the $3,030 level.

Source: ETHUSD on TradingView.com

The main resistance now sits near $3,060 and the 100 hourly simple moving average. A close above the $3,060 level might start a fresh rise in the near term. In the stated case, ether might climb towards the $3,150 level.

More Downsides in ETH?

If ethereum fails to gain pace above the $3,030 level, it could continue to move down. An initial support on the downside is near the $2,970 zone.

The first major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could accelerate lower. The next key support is near the $2,880 zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,950

Major Resistance Level – $3,060

Leave A Reply

Your email address will not be published.