Ethereum Price Drops Below $2,880 as Bearish Trends Take Hold

Ethereum's price has recently begun a new decline, falling below $2,950. Currently trading below $2,880, ETH is down more than 5% and may continue its downward trend.

Key Takeaways

Ethereum's price has dropped below crucial levels, entering a bearish market.
The current trading price is below $2,880 and the 100-hourly Simple Moving Average.
A crucial bearish trend line was broken, with the support level at $2,990.
If the price settles below the $2,800 mark, further declines are possible.

Ethereum Price At Risk

Ethereum Price Experiences Significant Decline

Ethereum's price has not been able to maintain its position above $3,000 and has now entered a fresh decline similar to that of Bitcoin. The ETH price dropped below the $2,880 mark, officially entering a bearish territory.

A significant break occurred below a key bullish trend line that had support at $2,990 on the hourly ETH/USD chart. The bearish sentiment was strong enough to push the price down past $2,850, with a low point reached at $2,815. Indicators point to bearish momentum as the price trades below the 23.6% Fibonacci retracement level from the $3,052 swing high to the $2,815 low.

Currently, Ethereum's price is below $2,900 and also under the 100-hourly Simple Moving Average. Should there be any upward movement, the price will likely face resistance around the $2,880 level.

Ethereum Price
Source: ETHUSD on TradingView.com

The next critical resistance point is around the $2,940 level, corresponding with the 50% Fibonacci retracement level from the recent price decline. An important resistance area is located at approximately $2,960. If the price can surpass this resistance, it could rally towards the $3,000 mark. A breakthrough above $3,000 might lead to more substantial gains in the days ahead, potentially pushing Ether towards the $3,050 resistance zone or even up to $3,150.

Potential Further Losses for ETH?

Should Ethereum struggle to overcome the $2,960 resistance, a new decline is likely. The initial support level to watch is near $2,820, with major support existing around the $2,800 area.

If the price moves below the $2,800 support, it could trek down to test the $2,740 support level. Additional losses might push the price further down toward the $2,720 region in the short term. The next significant support areas are identified at $2,650 and $2,620.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gathering negative momentum.
Hourly RSI: The RSI for ETH/USD is currently positioned below the 50 mark.
Major Support Level: $2,800
Major Resistance Level: $2,940

This analysis highlights the current challenges facing Ethereum's price and suggests that careful monitoring is essential as the market evolves.