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

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Filed under: Bitcoin - @ May 9, 2024 3:03 am