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Why Ethereum Looks Ready For Another Leg Lower Below $3K

Ethereum failed to clear the $3,200 resistance and declined further against the US Dollar. ETH price is now at a risk of more downsides below $3,050 and $3,000.

Ethereum settled below the $3,200 pivot level and extended its decline.
The price is now trading well below $3,200 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue lower if it fails to stay above the $3,050 support zone.

Ethereum Price Slides Further
Ethereum failed to settle above the $3,200 pivot level. ETH price started a fresh decline and broke the $3,150 support zone, similar to bitcoin.
The price even broke the $3,120 support level and tested $3,060. It is now trading well below $3,200 and the 100 hourly simple moving average. Ether is now consolidating near the 23.6% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low.
On the upside, the first key resistance is near the $3,120 level. The main resistance is now forming near the $3,150 level. There is also a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low. A clear break above the $3,150 resistance might open the doors for a steady increase. The next key resistance is now forming near the $3,200 level. Any more gains may possibly call for a move towards the $3,300 level.
More Losses in ETH?
If ethereum fails to continue higher above the $3,120 and $3,150 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,080 level.
The next major support is now forming near the $3,060 zone. A downside break below the $3,060 support zone could accelerate losses. The main support sits near the $3,000 level, below which the bulls could struggle in the coming days. The next key supports sits near the $2,880 and $2,850 levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is well below the 50 level.
Major Support Level – $3,060
Major Resistance Level – $3,150

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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