Ethereum

Resistance

Bonk

<a href="https://bitcoinworld.co.in/ethereum-eth-price-plunges-over-5-can-bears-push-eth-under-2800/" title="Ethereum (ETH) Price Plunges Over 5%, Can Bears Push ETH Under $2,800?" rel="noopener noreferrer nofollow"></a>
Ethereum (ETH) <a href="https://coinstats.app/coins/ethereum/" rel="noopener noreferrer nofollow">price</a> started another decline, plunging over 5% to below $3,000. ETH must stay above the $2,800 and $2,850 support levels to avoid a major drop.
Ethereum started another decline and tested the $2,900 zone.
The price is trading below $3,120 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it settles below the $2,850 support.
<h3 id="span-style-font-weight-400-ethereum-price-dives-again-span">Ethereum Price Dives Again</h3>
Ethereum price struggled to gain pace for a move above the $3,250 level and started another decline, like Bitcoin. ETH traded below the $3,120 level. The bears even pushed the price below the $3,000 level.
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A low was formed at $2,916 and the price is now consolidating. There was a minor increase above the $3,000 level.&nbsp;
The price tested the 23.6% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. However, the bears were active near the $3,000 and $3,020 levels.
Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100-hourly Simple Moving Average.
There is also a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low.
The next key resistance sits at $3,185, above which the price might gain traction and rise toward the $3,250 level.&nbsp;
A close above the $3,250 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone.
<h3 id="span-style-font-weight-400-more-downsides-in-eth-span">More Downsides In ETH?</h3>
If Ethereum fails to clear the $3,120 resistance, it could continue to move down. Initial support on the downside is near the $2,940 level and the channel zone.&nbsp;
The first major support is near the $2,850 zone.
The main support is near the $2,800 level. A clear move below the $2,800 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 level in the near term.
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators</h3>
<ul>
 <li style="font-weight: 400">Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.</li>
 <li style="font-weight: 400">Hourly RSI – The RSI for ETH/USD is now below the 50 level.</li>
 <li style="font-weight: 400">Major Support Level – $2,940</li>
 <li style="font-weight: 400">Major Resistance Level – $3,120</li>
</ul>
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
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The post <a href="https://bitcoinworld.co.in/ethereum-eth-price-plunges-over-5-can-bears-push-eth-under-2800/" rel="noopener noreferrer nofollow">Ethereum (ETH) Price Plunges Over 5%, Can Bears Push ETH Under $2,800?</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Ethereum (ETH) Price Plunges Over 5%, Can Bears Push ETH Under $2,800?

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