- ETH launched a massive downward action that had it losing the support floor at $2,950 and $2,860.
- Ethereum hovers beneath $2,950 and 100hr Simple Moving Average.
- ETH’s hourly chart shows a vital bearish trend-line developing with $2,910 resistance (Kraken data).
- ETH/USD should surge past $2.8K for decent short-term recoveries.
Ethereum started another drop from the resistance zone at $3,030. The alt plunged beneath $2.8K and attempts upside recoveries.
Ethereum Price Resumes Downside
The leading alternative token, ETH, could not gain the strength to overcome the resistance level of $3,030. Ethereum kick-started a massive drop below the support of $2.950 after forming a top. The crypto experienced a swift fall beneath the $2,900 barrier and 100hr SMA (Simple Moving Average).
Ether’s intensified drop had it exploring value levels beneath the support floor of $2,800. That had Ethereum forming another weekly low at $2,766 and now consolidates incurred losses. It recovered past the $2.8K mark. While writing these lines, ETH traded at $2,884.11, losing 3.85% over the past 24 hours (Coinmarketcap data).
The alt saw a break past the 23.6% Fibonacci retracement area of the latest $3,041 – $2,766 move. For now, the token appears to overpower the resistance at $2,860.
However, a massive resistance stands at $2.9K. Moreover, the 1hr chart showed a bearish trend line emerging with resistance at $2,910. The trend-line stood near the 50% Fibonacci retracement mark of the fall from $3,041 to $2,766.
A decisive move past the resistance barrier at $2,910 could launch new surges for the token. That would see Ethereum exploring the resistance level at $2,950. Meanwhile, further downswings would send the alt towards the resistance at $3,030.
More Ethereum Downswings?
Failure to gain momentum above $2,900 may see Ethereum on extended lows. The first support would appear around the $2.8K mark. Further declines would have the token securing footing at $2,765. Losing ground here could see Ethereum in continued declines. Another vital foothold stands at $2,650, under which ETH would risk a plunge to $2.5K.
ETH Technical Indicators
- 1hr RSI stays below 50
- 1hr MACD weakens in a bearish area.
- Crucial support level – $2,765
- Massive resistance level – $2,910