Ethereum Price Ranges Under $3K—Is Direction About to Change?

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a fresh decline below $3,00 0. ETH is now consolidating and might soon aim to start a recovery wave if it clears $3,025. Ethereum started a fresh decline below the $3,050 zone. The price is trading below $3,000 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,110 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it settles below the $2,900 zone. Ethereum Price Starts Consolidation Ethereum price failed to stay above $3,050 and started a fresh decline, like Bitcoin . ETH price dipped below $3,020 and $3,000 to enter a bearish zone. The bears even pushed the price below $2,920. A low was formed at $2,875 and the price is now consolidating losses. There was a minor recovery toward the 23.6% Fib retracement level of the downward move from the $3,175 swing high to the $2,875 low. Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average . Besides, there is a connecting bearish trend line forming with resistance at $3,110 on the hourly chart of ETH/USD. If there is another upward move, the price could face resistance near the $2,975 level. The next key resistance is near the $3,025 level and the 50% Fib retracement level of the downward move from the $3,175 swing high to the $2,875 low. The first major resistance is near the $3,050 level. Source: ETHUSD on TradingView.com A clear move above the $3,050 resistance might send the price toward the $3,110 resistance and the trend line. An upside break above the $3,110 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,200 resistance zone or even $3,250 in the near term. Another Decline In ETH? If Ethereum fails to clear the $3,025 resistance, it could start a fresh decline. Initial support on the downside is near the $2,920 level. The first major support sits near the $2,900 zone. A clear move below the $2,900 support might push the price toward the $2,840 support. Any more losses might send the price toward the $2,800 region. The next key support sits at $2,765. 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 near the 50 zone. Major Support Level – $2,920 Major Resistance Level – $3,025