Ethereum

Resistance

Ethereum price remained in a bearish zone below $3,150 zone. ETH is again moving lower and the bears could aim for a drop below $2,800. 
<ul> 
 <li>Ethereum started a fresh decline below the $3,000 and $2,950 levels.</li> 
 <li>The price is trading below $3,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could correct losses, but upsides might be limited above the $3,000 zone.</li> 
</ul> 
<h2 id="ethereum-price-remains-at-risk-of-more-downsides">Ethereum Price Remains At Risk of More Downsides</h2> 
Ethereum price failed to start a recovery wave above the $3,080 and $3,120 resistance levels. ETH started another decline below the $3,000 support zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-downtrend-54k/" target="_blank" rel="noopener ">Bitcoin</a>. There was a move below the $2,950 and $2,920 support levels. 
The price declined 6% and even tested the $2,820 support. A low was formed at $2,825 and the price is now consolidating losses. The price is showing a lot of bearish signs and testing the 23.6% Fib retracement level of the downward move from the $3,077 swing high to the $2,825 low. 
Ethereum is trading below $3,000 and the <a href="https://www.newsbtc.com/analysis/eth/ethereum-dives-below-3k-2/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. If there is a recovery wave, the price might face resistance near the $2,920 level. The first major resistance is near the $2,950 level. 
There is also a key bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,077 swing high to the $2,825 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-628314 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Ethereum_60a144.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major hurdle is near the $3,000 level. A close above the $3,000 level might send Ether toward the $3,080 resistance. The next key resistance is near $3,120. An upside break above the $3,120 resistance might send the price higher toward the $3,250 resistance zone. 
<h2 id="more-losses-in-eth">More Losses In ETH?</h2> 
If Ethereum fails to clear the $2,950 resistance, it could continue to move down. Initial support on the downside is near $2,820. The first major support sits near the $2,800 zone. 
A clear move below the $2,800 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 MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. 
Major Support Level – $2,820 
Major Resistance Level – $2,950

Ethereum Settles Below $3K: Bearish Sentiment Points to Deeper Decline

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