Ethereum price started a decent upward move, but did not reach the $3,050 level. ETH is currently struggling and may continue to fall below $2,900.

• Ethereum started a recovery wave but struggled above $3,000.
• The price is trading below $2,950 and the 100-hour plain moving average.
• On the hourly chart of ETH/USD (data fed via Kraken), a short-term contracting triangle is forming with resistance at $2,930.
• The pair may continue falling if it breaks below the $2,880 zone.

Ethereum prices are falling again

Ethereum price has started a recovery wave above the $2,920 and $2,950 levels, just like Bitcoin. The price of ETH even rose above the $3,000 resistance before the bears emerged.

The high was formed at $3,053, after which the price began another decline. There was a piercing drop below $3,000 and $2,980. The bears even pushed the price below $2,950. The low has formed at $2,907 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $3,053 to the low of $2,907.

Ethereum price is currently trading above $2,950 and the 100-hour plain moving average. If bulls manage to hedge more losses below $2,900, the price could be tempted to make another wave of recovery.

Immediate resistance is seen near the $2,940 level. Additionally, a short-term contracting triangle is forming on the hourly chart of ETH/USD with resistance at $2,930. The first key resistance is near the $2,955 level. The next major resistance is near the $2,980 level. It is close to the 50% Fib retracement level for a move down from the high of $3,053 to the low of $2,907.

A clear move above the $2,950 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 rise towards the resistance zone at $3,050 or even $3,120 in the near future.

Another ETH drop?

If Ethereum fails to break the resistance at $2,955, a novel decline could begin. Initial downside support is near the $2,900 level.

The first major support is located near the $2,880 zone. A clear move below the $2,880 support could push the price towards the $2,840 support. Any further losses could push the price towards the $2,800 region. The next key support is at $2,720.

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 2,900

Major resistance level – $2,955