Ethereum price has started a modern decline below $3.000. ETH is currently in a consolidation phase and may soon look to start a recovery wave above $2,980.

• Ethereum started a modern decline from the $3,175 zone.
• The price is trending below $3,000 and the 100-hour straightforward moving average.
• A connecting bearish trendline is forming on the hourly chart of ETH/USD with resistance at $3,120 (data suction via Kraken).
• The pair may continue to fall if it settles below the $2,920 zone.

Ethereum prices drop by 5%

Ethereum price failed to stay above $3,150 and started a modern decline, just like Bitcoin. ETH price dropped below $3,120 and $3,050 to enter the bear zone.

The bears even pushed the price below $3,000. The low has formed at $2,916 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $3,175 to the low of $2,916.

Ethereum price is currently trading below $3,000 and the 100-hour straightforward moving average. Additionally, a connecting bearish trend line is forming on the hourly chart of ETH/USD with resistance at $3,120.

If there is another upward move, the price may encounter resistance near the $2,980 level. The next key resistance is located near the $3,050 level and the 50% Fib retracement level, which is a downward move from the high of $3,175 to the low of $2,916. The first major resistance is near the $3,080 level. A clear move above the resistance at $3,080 could push the price towards the resistance at $3,120. An upward break above the $3,120 region could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone at $3,175 or even $3,200 in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,980, a modern decline could begin. Initial downside support is near the $2,950 level. The first major support is located near the $2,920 zone.

A clear move below the support at $2,920 could push the price towards the support at $2,880. Any further losses could push the price towards the $2,840 region. The next key support is at $2,800.

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 2,920

Major resistance level – $3,080