Ethereum price has started a up-to-date decline below $2.950. ETH fell over 5%, trading below $2,880 and may continue to fall.

• Ethereum started a up-to-date decline below $2,950 and $2,900.
• The price is trading below $2,880 and the 100-hour basic moving average.
• There was a break below a key uptrend line with support at $2,990 on the ETH/USD hourly chart (data fed via Kraken).
• The pair may continue to fall if it settles below the $2,800 zone.

Ethereum prices fall by more than 5%

Ethereum price failed to stay above $3,000 and started a up-to-date decline, just like Bitcoin. The ETH price dropped below $2,880, entering a bear zone.

There was a break below a key uptrend line with support at $2,990 on the ETH/USD hourly chart. The bears even pushed the price below $2,850. The low has formed at $2,815 and the price is showing bearish signs below the 23.6% Fib retracement level in a move down from the high of $3,052 to the low of $2,815.

Ethereum price is currently trading below $2,900 and the 100-hour basic moving average. If there is another upward move, the price may encounter resistance near the $2,880 level.

The next key resistance is located near the $2,940 level or the 50% Fib retracement level as part of a downward move from a high at $3,052 to a low at $2,815. The first major resistance is near the $2,960 level. A clear move above the $2,960 resistance could push the price towards the $3,000 resistance. An upward break above the $3,000 area could trigger further gains in the coming days. In the given case, Ether may enhance towards the resistance zone at $3,050 or even $3,150 in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,960, a up-to-date decline could begin. Initial downside support is near the $2,820 level. The first major support is located near the $2,800 zone.

A clear move below the $2,800 support could push the price towards the $2,740 support. Any further losses could push the price towards the $2,720 region in the near future. The next key supports are $2,650 and $2,620.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 2,800

Major resistance level – $2,940