Ethereum started a fresh decline from the $3,080 resistance level against the US Dollar. ETH price fell below the key $3,000 support level and even dropped below $2,920. ETHER failed to break $3,080 and started a fresh decline. The price is currently trading below $3,000 and below the 100 hourly simple moving average.
There was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USD. The pair might rally, but gains might be limited near the $2,950 level. Ethereum price broke a critical support level.
Ethereum made another attempt to surpass the $3,050 level and the 100 hourly simple moving average. On the downside, ETH has yet to break $3,080.
A high formed at $3,082 and the price started falling again. The price fell well below the $3,050 support level and the 100 hourly simple moving average. Furthermore, there was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USD.
The pair traded below the $3,000 support level. More importantly, the price fell below the $2,920 support level. Ethereum made a low at $2,896 and is now consolidating its losses.
On the upside, an initial resistance level is seen near $2,940. It is close to the 23.6 percent Fib retracement level of the recent drop from the $3,082 high to $2,896 low. The next big Resistance is between $2,980 and $3,000.
The 50% Fib retracement level of the recent drop from the $3,082 high to $2,896 low is also close to the $2,990 level. A close above $3,000 and the 100 hourly simple moving average could signal the start of a decent recovery wave. The next major resistance level could be around $3,050.
If Ethereum fails to start a recovery wave above the $3,000 level, it could fall further. On the upside, an initial support level is near $2,900.
The next major support is around $2,850. If the price breaks below the $2,850 support level, it might fall again. In this scenario, there is a risk of a move towards $2,780. Much luck!
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