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Bears Could Aim for $2.5K As Ethereum Drops Below $3,000

Ethereum made a new attempt to break through $3,050 and the 100 hourly simple moving average. However, ETH was unable to get through the $3,080 barrier.

Near $3,082, a new high was made, and the price began to fall. The $3,050 support level and the 100 hourly simple moving average were clearly breached. On the hourly chart of ETH/USD, there was also a break below a significant rising channel with support near $3,030.

Source: ETHUSD on

The pair was trading below the $3,000 level of support. There was also a move below the $2,920 support level. Near $2,896, a low has formed, and ether is currently consolidating losses.

On the upside, the $2,940 level serves as an early resistance. The current slide from the $3,082 swing high to the $2,896 low is nearing the 23.6 percent Fib retracement level. Near the $2,980 and $3,000 levels, the next major resistance will be visible.

Near the $2,990 level is the 50 percent Fib retracement level of the recent slide from the $3,082 swing high to the $2,896 low. A close over $3,000 and the 100 hourly simple moving average might signal the start of a solid comeback. The next significant resistance level could be around $3,050.

If ethereum does not begin a comeback wave above $3,000, it may continue to decline. On the downside, $2,900 serves as an initial support level.

Near the $2,850 level, the next big support is visible. If the price breaks down below the $2,850 support, the price may begin to fall again. There is a danger of a rise towards the $2,780 mark in this scenario.

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