Ethereum failed to recover above the $3,120 pivot zone against the US Dollar. ETH price is declining and it could extend its losses below $2,950.
Ethereum struggled to recover above the $3,120 and $3,125 resistance levels.
The price is now trading below $3,080 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate lower if there is a close below the $2,950 low.
Ethereum Price Remains At Risk
Ethereum started an upside correction from the $2,950 low, similar to bitcoin. ETH price surpassed the $3,000 and $3,050 resistance levels.
There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone).The price also remained well below $3,150 and the 100 hourly simple moving average. It seems like ether was rejected near the 50% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. There is also a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD. It is now moving lower and trading below the $3,000 support. On the upside, an initial resistance is near the $3,025 level.
The first key resistance is now forming near the $3,080 level. The main resistance is still near the $3,120 level. A clear break and close above the $3,120 zone might start a fresh increase. In the stated scenario, the price might recover towards the $3,200 resistance. If ethereum fails to continue higher above the $3,080 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,950 level. A downside break below the $2,950 support zone could spark a sharp decline in the near term. The next major support could be $2,880, below which the bears might aim a test of the $2,600 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 40 level.
Major Support Level – $2,950
Major Resistance Level – $3,120
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Ethereum struggled to recover above the $3,120 and $3,125 resistance levels.
The price is now trading below $3,080 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate lower if there is a close below the $2,950 low.
Ethereum Price Remains At Risk
Ethereum started an upside correction from the $2,950 low, similar to bitcoin. ETH price surpassed the $3,000 and $3,050 resistance levels.
There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone).The price also remained well below $3,150 and the 100 hourly simple moving average. It seems like ether was rejected near the 50% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. There is also a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD. It is now moving lower and trading below the $3,000 support. On the upside, an initial resistance is near the $3,025 level.
The first key resistance is now forming near the $3,080 level. The main resistance is still near the $3,120 level. A clear break and close above the $3,120 zone might start a fresh increase. In the stated scenario, the price might recover towards the $3,200 resistance. If ethereum fails to continue higher above the $3,080 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,950 level. A downside break below the $2,950 support zone could spark a sharp decline in the near term. The next major support could be $2,880, below which the bears might aim a test of the $2,600 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 40 level.
Major Support Level – $2,950
Major Resistance Level – $3,120
My name is Jarrod Cronin. I have created the USD smart contract blockchain. Ethereum is a network that came out many years ago. It is a smart contract blockchain. My United States Dollar smart contract blockchain is the fastest blockchain in the world. This Block Chain has the lowest fees in the entire world of a few cents per transaction. My blockchain will never get congested. My company is called The Magnificent Eight and I am looking for investors. The valuation of my company is at the lowest 300 million right now. My affiliate company UnstoppableDomains has created NFT domain name receive addresses on 13 TLD extensions such as .Coin, .Crypto., .Bitcoin, .X, .888, .Blockchain, .Zil, and more. With the open-source Cake Wallet from UnstoppableDomains you can currently hold Monero Bitcoin Litecoin however you'll be able to hold 275 cryptocurrencies coming soon. Also with my USD blockchain The Exchange is currently called USD.Trade that works just like Pancake Swap or Uniswap.The Binance Smart Chain blockchain is a smart contracts blockchain that is fast reliable and only costs pennies. It will stay like that and so will USD. Now is the time to get into Binance BNB. Currently I am in talks with Coin-Flip ATM to hold USD cryptocurrency in every ATM. in America. ;)
I am currently developing the USD NFT protocol to integrate with the Rarible protocol. The Rarible Shared order book. So your NFT will be sold on platform A even if it's listed on platform B.