Ethereum Price began a new drop below $ 3,000. The ETH is down more than 25% and the Bears seem to control less than $ 2,770.
- Ethereum started a new drop below the $ 3,000 support area.
- The price is negotiated less than $ 2,800 and the mobile average at 100 hours.
- There is a wrestling trend line forming with resistance at $ 2,900 on the ETH / USD hourly table (data flow via Kraken).
- The pair could start a recovery wave if it remains above $ 2,200.
Ethereum Price Nosedives
Ethereum Price began a major drop below $ 3,000, underperforming Bitcoin. ETH has decreased below $ 2,800 levels and $ 2,650 to enter a lower area.
There was a clear movement below the level of $ 2,500. The price has decreased by more than 25% and tested the area by $ 2,120. A hollow was formed at $ 2,127 and the price now consolidates losses. There was a minor increase above $ 2,300. The price exceeded the FIB level of retracement of 23.6% of the movement down the height of $ 3,403 upon the swing of $ 2,127.
Ethereum Price is now negotiated below $ 2,800 and the Simple mobile average at 100 hours. Uplining, the price seems to be confronted with obstacles near the level of $ 2,650. The first major resistance is close to the level of $ 2,770 or the FIB retracement level at 50% of the movement down the wing of $ 3,403 downwards of the swing of $ 2,127.
The main resistance is now formed almost $ 2,900. There is also a low -down trend line forming with resistance at $ 2,900 on the ETH / USD hourly table. A clear decision above the resistance of $ 2,900 could send the price to the resistance of $ 3,000.
An upward rupture above the resistance of $ 3,000 could require more gains in future sessions. In the case indicated, the ether could increase to the resistance zone of $ 3,150, or even $ 3,250 in the short term.
Another drop of eth?
If Ethereum fails to erase the resistance by $ 2,600, this could start another drop. The initial decline support is close to the level of $ 2,320. The first major support is nearly $ 2,250.
A clear decision below the $ 2,250 support could push the price to the support of $ 2,120. Other losses could send the price to the support of $ 2,000 in the short term. The next key support is at $ 1,880.
Technical indicators
Schedule macD – The MacD for ETH / USD is gaining momentum in the lower area.
House – The RSI for ETH / USD is now less than zone 50.
Major level of support – $ 2,200
Major resistance level – $ 2,600