Ethereum Settles Below $3K: Bearish Sentiment Points to Deeper Decline
08 July 2024 - 1:48PM
NEWSBTC
Ethereum price remained in a bearish zone below $3,150 zone. ETH is
again moving lower and the bears could aim for a drop below $2,800.
Ethereum started a fresh decline below the $3,000 and $2,950
levels. The price is trading below $3,000 and the 100-hourly Simple
Moving Average. There is a key bearish trend line forming with
resistance near $2,950 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could correct losses, but upsides might be
limited above the $3,000 zone. Ethereum Price Remains At Risk of
More Downsides Ethereum price failed to start a recovery wave above
the $3,080 and $3,120 resistance levels. ETH started another
decline below the $3,000 support zone like Bitcoin. There was a
move below the $2,950 and $2,920 support levels. The price declined
6% and even tested the $2,820 support. A low was formed at $2,825
and the price is now consolidating losses. The price is showing a
lot of bearish signs and testing the 23.6% Fib retracement level of
the downward move from the $3,077 swing high to the $2,825 low.
Ethereum is trading below $3,000 and the 100-hourly Simple Moving
Average. If there is a recovery wave, the price might face
resistance near the $2,920 level. The first major resistance is
near the $2,950 level. There is also a key bearish trend line
forming with resistance near $2,950 on the hourly chart of ETH/USD.
The trend line is close to the 50% Fib retracement level of the
downward move from the $3,077 swing high to the $2,825 low. The
next major hurdle is near the $3,000 level. A close above the
$3,000 level might send Ether toward the $3,080 resistance. The
next key resistance is near $3,120. An upside break above the
$3,120 resistance might send the price higher toward the $3,250
resistance zone. More Losses In ETH? If Ethereum fails to clear the
$2,950 resistance, it could continue to move down. Initial support
on the downside is near $2,820. The first major support sits near
the $2,800 zone. A clear move below the $2,800 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 gaining momentum in the
bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50
zone. Major Support Level – $2,820 Major Resistance Level – $2,950
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