The price of ether began to drop again and was trading below $2,920. In the event that ETH closes below the $2,800 support zone, bearish momentum may build.
Ethereum's Price Continues to Drop
Similar to Bitcoin, the price of Ethereum stayed in a bearish zone below $3,120. ETH was trading below $3,000. The price was even driven below the $2,920 mark by the bears.
At $2,813, a low was established, and the price is currently consolidating. Above the $2,900 mark, there was a slight uptick. The price of the decline from the $3,355 swing high to the $2,813 low tested the 23.6% Fib retracement level. On the other hand, bears were active in the vicinity of $2,950 and $2,965.
The 100-hourly Simple Moving Average and $3,000 are currently being traded below by Ethereum. At $2,965 is where immediate resistance is located. The 100-hourly Simple Moving Average and the $3,050 mark are the first significant resistance levels.
On the hourly chart of ETH/USD, a connecting negative trend line is also emerging, with resistance at $3,050. The trend line of the falling wave from the $3,355 swing high to the $2,813 low is in close proximity to the 50% Fib retracement level.
The price may find momentum and move up toward the $3,150 mark if it breaks above the next significant resistance level, which is $3,085. The price may move toward the $3,250 resistance if it closes over the $3,150 resistance. Ethereum may potentially challenge the $3,250 resistance level if there is a move over it.
Further Drawbacks for ETH?
Ethereum may continue to decline if it is unable to overcome the $3,050 barrier. Initial downside support is located close to the $2,850 mark. The $2,820 region is the first significant area of support.
The $2,820 mark is the primary support. The price may move toward $2,650 if there is a clear break below the $2,820 support level. If there are any additional losses, the price may soon move in the vicinity of $2,540.
May 2024, Cryptoniteuae