Ethereum price looks poised for another rise if it holds support

Ethereum price extended losses and tested the $2,940 support. ETH could begin a further rise if it breaks 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 downtrend line with resistance at $2,980 on the ETH/USD hourly chart (data feed via Kraken).
• The pair needs to stay above the $2,940 support to begin a further rise towards $3,220.

Ethereum Price Falls Below $3,000

Ethereum price remained in a bearish zone and extended its losses below the $3,050 level, similar to Bitcoin. ETH bears managed to push the price below the $3,000 level.

A low formed at $2,936 and the price is now consolidating its losses. Ethereum is trading below $3,050 and the 100 hourly simple moving average. Recently, there was a breakout above a key downtrend line with resistance at $2,980 on the ETH/USD hourly chart.

Immediate resistance is near the $3,000 level or the 23.6% Fibonacci retracement level of the recent decline from the $3,218 high to $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 lies at $3,080, the 50% Fibonacci retracement level of the recent decline from the $3,218 high to $2,936 low, above which the price could gain ground and increase towards the $3,150 level. If there is a clear move above the $3,150 level, the price could move higher and test the $3,220 resistance. Any further gains could send Ether towards the $3,350 resistance zone.

More losses in ETH?

If Ethereum fails to clear the $3,030 resistance, it could begin a further decline. Initial support on the downside is near the $2,965 level. The first major support lies near the $2,940 area.

The next support is near the $2,880 level. A sharp move below the $2,880 support could push the price towards $2,720. Any further losses could push the price towards 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