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Ethereum Dives Below $3K, Can The Bulls Save Day?

Ethereum started a sharp decline from $3,180 against the US Dollar. ETH bulls must protect the $2,950 support to avoid a trend change in the near term.

Ethereum failed to gain strength above $3,150 and started a fresh decline.
The price is now trading above $3,030 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,950 support to avoid more downsides in the near term.

Ethereum Price Dips
Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to gain strength above the $3,150 level and formed a short-term top near $3,180.
A high was formed at $3,179 and the price started a sharp decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD.
Ether price declined below the 50% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. The price even tested the $2,950 support zone.
It seems like the bulls are defending the 76.4% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. On the upside, an initial resistance is seen near the $3,020 level. The next major resistance is near the $3,030 level.

Source: ETHUSD on TradingView.com
The main resistance now sits near $3,060 and the 100 hourly simple moving average. A close above the $3,060 level might start a fresh rise in the near term. In the stated case, ether might climb towards the $3,150 level.
More Downsides in ETH?
If ethereum fails to gain pace above the $3,030 level, it could continue to move down. An initial support on the downside is near the $2,970 zone.
The first major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could accelerate lower. The next key support is near the $2,880 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,950
Major Resistance Level – $3,060

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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