Ethereum Price Uphill Battle Continues as Sellers Hold the Advantage

Ethereum price failed to stay above $3,000 and tested $2,870. ETH is now attempting to recover but faces resistance near $3,100.

• Ethereum started a fresh decline after it failed to stay above $3,050.
• The price is trading below $3,100 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it settles below the $3,000 zone.

Ethereum price failed to continue higher above $3,150 and started a fresh decline, like Bitcoin. ETH price dipped below $3,050 and entered a bearish zone.

The decline gathered pace below $3,000 and the price dipped below $2,950. A low was formed at $2,870 and the price is now correcting some losses. There was a move above the 50% Fib retracement level of the recent decline from the $3,165 swing high to the $2,870 low.

Ethereum price is now trading below $3,100 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $3,050 level and the 61.8% Fib retracement level of the recent decline from the $3,165 swing high to the $2,870 low.

The next key resistance is near the $3,100 level. There is also a key bearish trend line forming with resistance at $3,100 on the hourly chart of ETH/USD. The first major resistance is near the $3,150 level. A clear move above the $3,150 resistance might send the price toward the $3,200 resistance. An upside break above the $3,200 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,320 resistance zone or even $3,350 in the near term.

If Ethereum fails to clear the $3,100 resistance, it could start a fresh decline. Initial support on the downside is near the $3,000 level. The first major support sits near the $2,940 zone.

A clear move below the $2,940 support might push the price toward the $2,880 support. Any more losses might send the price toward the $2,820 region in the near term. The next key support sits at $2,750 and $2,740.

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 – $3,000

Major Resistance Level – $3,100