Despite some initial hopes for a recovery, Ethereum’s price has remained stagnant below the $3,150 zone. The bears seem to be in control once again as ETH is on the path to potentially drop below $2,800. The recent decline saw Ethereum struggling to break above key resistance levels, with the price trading below $3,000 and the 100-hourly Simple Moving Average.
A closer look at the hourly chart of ETH/USD reveals a key bearish trend line forming with resistance near $2,950. This trend line is indicative of the downward momentum that Ethereum has been experiencing. The price is showing significant bearish signs and is currently testing the 23.6% Fib retracement level. As it continues to trade below $3,000, any potential recovery wave might face resistance at the $2,920 level.
The $2,950 level poses a major hurdle for Ethereum, with the next key resistance at $3,000. Breaking above this level could signal a potential rally towards the $3,080 resistance, followed by $3,120. However, failure to surpass the $2,950 resistance could see Ethereum’s price further declining.
On the downside, initial support lies near $2,820, with a major support zone at $2,800. A clear break below $2,800 could lead to a push towards $2,720, with further losses potentially taking the price to $2,650 in the near future.
The Hourly MACD for ETH/USD is currently gaining momentum in the bearish zone, indicating a strong presence of bears in the market. Additionally, the RSI for Ethereum is now below the 50 zone, further supporting the bearish sentiment surrounding the cryptocurrency.
Ethereum’s price outlook remains uncertain amidst the prevailing bearish trends. While there may be short-term corrections and potential resistance levels to watch out for, the overall trajectory of ETH seems to be tilted towards further downside movement. Traders and investors should exercise caution and closely monitor key support and resistance levels to make informed decisions in these volatile market conditions.
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