Ethereum price remained in a bearish zone below $3,250. ETH fell below the $3,000 support and even tested the $2,850 zone.

• Ethereum started a modern decline below the $3120 and $3000 levels.
• The price is trading below $3,000 and the 100-hour uncomplicated moving average.
• On the hourly ETH/USD chart (data via Kraken), a key downtrend line is forming with resistance around USD 3,000.
• The pair may recover losses, but growth may be narrow above the USD 3,120 zone.

Ethereum price drops 8%

Ethereum price failed to start a rebound above the $3150 and $3200 resistance levels. ETH started another decline below the $3120 support zone, similar to Bitcoin. There was a move below the $3050 and $3000 support levels.

Price is down 8% and even tested the support at $2850. A low has formed at $2862 and price is now consolidating losses. Price is showing a lot of bearish signs and is trading well below the 23.6% Fibonacci retracement level of the downward move from the $3425 high to the $2860 low.

Ethereum is trading below $3,000 and the 100-hour uncomplicated moving average. If a recovery wave occurs, the price could encounter resistance near the $2,960 level. The first major resistance is near the $3,000 level.

The ETH/USD hourly chart is also seeing a key bearish trendline form with resistance near $3,000. The next major obstacle is near $3,120 or the 50% Fibonacci retracement level of the downtrend from the $3,425 high to $2,860 low.

A close above $3,120 could take Ether towards the $3,200 resistance. The next key resistance is near $3,250. A break above the $3,250 resistance could take the price higher towards the $3,350 resistance zone.

More ETH losses?

If Ethereum fails to break through the $3,000 resistance, it could continue to fall. Initial support on the downside is near $2,850. The first major support is near the $2,800 zone.

A clear move below the $2,800 support could push the price towards $2,720. Any further losses could send the price towards $2,650 in the near future.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bearish zone.

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

Major Support Level – $2,850

Main resistance level – $3,000