Ethereum took a hit and the $3,000 price level could soon be retested in today’s latest Ethereum news. We read more about how.
ETH price could extend the decline to $3000 in the short-term as the coin started a fresh decline since it was rejected near the $3280 and $3300 levels. The price is now trading below these levels and the 100 hourly simple moving average. There is a major bearish trend line forming on the pair’s charts with resistance near $3,320 and the pair could extend the decline to $3,000 if it trades below this support line. Ethereum attempted an upward correction above the $3220 level and eTH moved above the $3250 level but the bears stopped it at the $3300 level.
The new high was formed near $3307 and the price started a new decline. There was a clear move below the $3250 and $3220 support levels, but ETH was able to trade below the connecting bullish trendline with the support near $3220 on the charts. It is now trading below $3200 and the 100 hourly simple moving average, with a fresh low formed at $3154 and the price consolidating losses. On the upside, initial resistance is at the $3190 level and near the 23.6% Fib retracement level from the decline from the $3307 high to the $3154 low, with the next major resistance at the 3235 level $ lies.
The 50% Fib retracement level from the recent drop from the $3307 high to the $3154 low and it approached $3235. Major resistance is near the $3260 level and the 100 hourly simple moving average, but there is also a major bearish trend line forming with resistance near $3320 on the hourly charts of the pair. Ethereum took a hit, but a clear move above the $3260 resistance and the trend line might start a fresh rise and in this case the price might surge above the $3300 zone.
If ETH fails to start a fresh increase above $3260, it can continue to move lower with initial support on the downside being the $3150 zone. The next major support is near the $3120 level and if there is a downside break below this zone, the price can continue the decline and even drop below $3000. the pair’s hourly MACD is gaining pace in the bearish zone and the pair’s hourly RSI is below the 50 level. The main resistance level is $3260 and the support level is $3150.
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