Ethereum Price Continues to Decline—Where Is Support Next?

Ethereum's price has struggled to maintain its position above $3,000, and has further declined. Currently, ETH is consolidating and may begin to recover if it surpasses the $2,880 mark.

Key Takeaways

Ethereum has dropped below the $2,950 level and is showing bearish trends.
The current trading price is below $2,900 and below the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance set at $2,920 on the ETH/USD hourly chart.
If Ethereum settles under the $2,800 threshold, further declines could follow.

Ethereum Price Continues to Slide

Ethereum Price Hits New Weekly Lows

Ethereum attempted to rise but faced difficulties above the $3,000 level, similar to Bitcoin. The price fell below $2,950 and $2,920, entering a bearish phase. The bears pressed the price down to as low as $2,790, which is now stabilizing with losses below the 23.6% Fib retracement level from the recent high of $3,175 to the low of $2,790.

The current trading price is well below $2,900 and below the 100-hourly Simple Moving Average. Additionally, there is a bearish trend line developing with resistance around $2,920 on the hourly ETH/USD chart. Should Ethereum attempt another upward movement, it may encounter resistance near the $2,880 mark. The subsequent important resistance levels are around $2,920 and the trend line. The first significant resistance lies at approximately $2,980, coinciding with the 50% Fib retracement level from the earlier decline.

Ethereum Price
Source: ETHUSD on TradingView.com

If the price breaks above the $2,980 resistance, it could pave the way towards the $3,030 resistance level. An upward movement above the $3,030 area might signal further gains in the upcoming days. In such a scenario, Ether could potentially advance to the resistance zone around $3,120, or even $3,150 in the near term.

Further Decline for ETH?

If Ethereum cannot overcome the $2,880 resistance, it may initiate a new decline. The initial support level on the downside is around $2,800, while the first significant support level is near the $2,780 mark. A decisive move below the $2,780 support could drive the price down to around $2,740. Additional declines could push Ethereum towards the $2,625 region, with the next crucial support level situated at $2,550.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gathering strength in the bearish zone.
Hourly RSI: The RSI for ETH/USD is currently positioned below the 50 level.
Major Support Level: $2,780
Major Resistance Level: $2,920