9 May 2024
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 MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,940
Major Resistance Level – $3,030