Ethereum price remained in bearish zone below $3150. ETH is falling again and bears could target a drop below $2800.

• Ethereum started a up-to-date decline below the $3,000 and $2,950 levels.
• The price is trading below $3,000 and the 100-hour elementary moving average.
• On the ETH/USD hourly chart (data via Kraken), a key downtrend line is forming with resistance near $2,950.
• The pair may recover losses, but gains may be circumscribed above the USD 3,000 zone.

Ethereum price still at risk of further declines

Ethereum price failed to start a rebound above the $3,080 and $3,120 resistance levels. ETH started another decline below the $3,000 support zone, similar to Bitcoin. There was a move below the $2,950 and $2,920 support levels.

The price fell 6% and even tested the support at $2820. A low formed at $2825 and the price is now consolidating losses. The price is showing a lot of bearish signs and is testing the 23.6% Fibonacci retracement level of the downward move from the $3077 high to the $2825 low.

Ethereum is trading below $3,000 and the 100-hour elementary moving average. If a recovery wave occurs, the price could encounter resistance near the $2,920 level. The first major resistance is near the $2,950 level.

The ETH/USD hourly chart is also seeing a key bearish trendline forming with resistance near $2,950. The trendline is near the 50% Fibonacci retracement level of the downtrend from the $3,077 high to the $2,825 low.

The next major obstacle is near the $3,000 level. A close above the $3,000 level could take Ether towards the $3,080 resistance. The next key resistance is near the $3,120 level. An upward break of the $3,120 resistance could take the price higher towards the $3,250 resistance zone.

More ETH losses?

If Ethereum fails to break through the $2,950 resistance, it could continue to fall. Initial support on the downside is near $2,820. The first major support is near the $2,800 zone.

A clear move below the $2,800 support could push the price towards $2,720. Any further losses could send the price towards $2,650 in the near future.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for the ETH/USD pair is currently below the 50 level.

Major Support Level – $2820

Main resistance level – $2950