shutterstock 1545185612 scaled hHQyzz Ethereum Price Looks Ready For Another Leg Higher Over If It Holds Support

Ethereum Price Looks Ready For Another Leg Higher Over If It Holds Support

Ethereum price is extended losses and tested the $2,940 support. ETH could start a fresh increase if it clears the $3,000 and $3,030 resistance levels.

Ethereum remained in a bearish zone and traded below the $3,000 level.
The price is trading below $3,050 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,980 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,940 support to start another increase toward $3,220.

Ethereum Price Dips Below $3K

Ethereum price remained in a bearish zone and extended losses below the $3,050 level, like Bitcoin. ETH bears were able to push the price below the $3,000 level.

A low was formed at $2,936 and the price is now consolidating losses. Ethereum is trading below $3,050 and the 100-hourly Simple Moving Average. Recently, there was a break above a key bearish trend line with resistance at $2,980 on the hourly chart of ETH/USD.

Immediate resistance is near the $3,000 level or the 23.6% Fib retracement level of the recent decline from the $3,218 swing high to the $2,936 low. The first major resistance is near the $3,030 level or the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,080 or the 50% Fib retracement level of the recent decline from the $3,218 swing high to the $2,936 low, above which the price might gain traction and rise toward the $3,150 level. If there is a clear move above the $3,150 level, the price might rise and test the $3,220 resistance. Any more gains could send Ether toward the $3,350 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,030 resistance, it could start another decline. Initial support on the downside is near the $2,965 level. The first major support is near the $2,940 zone.

The next support is near the $2,880 level. A clear move below the $2,880 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,940

Major Resistance Level – $3,030

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