Ethereum Price Sinks Again—Are Bulls Running Out of Defenses?

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 failed to stay above $2,95 0 and declined again. ETH is now consolidating and might soon aim to attempt another recovery wave if it clears $2,850. Ethereum started a fresh decline below the $2,920 zone. The price is trading below $2,900 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,925 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it settles below the $2,800 zone. Ethereum Price Faces Renewed Selling Pressure Ethereum price attempted a fresh increase but struggled above $2,950, like Bitcoin . ETH price dipped below $2,920 and $2,900 to enter a bearish zone. The bears even pushed the price below $2,820. A low was formed at $2,775 and the price is now consolidating losses well near the 23.6% Fib retracement level of the downward move from the $2,993 swing high to the $2,775 low. Ethereum price is now trading below $2,870 and the 100-hourly Simple Moving Average . Besides, there is a connecting bearish trend line forming with resistance at $2,925 on the hourly chart of ETH/USD. If there is another upward move, the price could face resistance near the $2,850 level. The next key resistance is near the $2,880 level and 50% Fib retracement level of the downward move from the $2,993 swing high to the $2,775 low. The first major resistance is near the $2,925 level and the trend line. Source: ETHUSD on TradingView.com A clear move above the $2,925 resistance might send the price toward the $3,000 resistance. An upside break above the $3,000 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,080 resistance zone or even $3,120 in the near term. Downside Continuation In ETH? If Ethereum fails to clear the $2,850 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 $2,775 zone. A clear move below the $2,775 support might push the price toward the $2,720 support. Any more losses might send the price toward the $2,640 region. The next key support sits at $2,620. 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 below the 50 zone. Major Support Level – $2,775 Major Resistance Level – $2,880