Ethereum price failed to stay above $2,800 and tested $2,620. ETH is now attempting to recover but faces resistance near $2,890.
The decline gathered pace below $2,800 and the price dipped below $2,700. A low was formed at $2,621 and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,058 swing high to the $2,621 low.
The next key resistance is near the $2,920 level. The first major resistance is near the $2,950 level. There is also a key bearish trend line forming with resistance at $2,960 on the hourly chart of ETH/USD. A clear move above the $2,960 resistance might send the price toward the $3,020 resistance. An upside break above the $3,020 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,120 resistance zone or even $3,250 in the near term.
If Ethereum fails to clear the $2,890 resistance, it could start a fresh decline. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone.
A clear move below the $2,720 support might push the price toward the $2,650 support. Any more losses might send the price toward the $2,620 region in the near term. The next key support sits at $2,550 and $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,720
Major Resistance Level – $2,890
