Ethereum price began a significant decline after failing to break $3,050. ETH is down 10% and is currently struggling to stay above the $2,700 support.

• Ethereum failed to stay above $2,880 and began a recent decline.
• The price is trading below $2,800 and the 100-hour straightforward moving average.
• A steep bearish trend line is forming on the hourly chart of ETH/USD (data via Kraken) with resistance at $2,820.
• The pair could start a recent rally if it stays above the $2,700 zone.

Ethereum prices drop by 10%

Ethereum price failed to remain stable above $2,880 and began a significant decline, much like Bitcoin. The ETH price dropped below $2,820 and entered a bear zone.

The bears even pushed the price below $2,750. The low has formed at $2,680 and the price is currently showing bearish signs below the 23.6% Fib retracement level resulting from the recent decline from the high of $3,040 to the low of $2,680. A steep bearish trend line is also forming on the hourly chart of ETH/USD with resistance at $2,820.

Ethereum price is currently trading below $2,800 and the 100-hour straightforward moving average. If the bulls keep the action above $2,700, the price may be tempted to move higher again. Immediate resistance is seen near the $2,765 level. The first key resistance is located near the $2,820 level and the trend line.

The next major resistance is located near the $2,860 level and the 50% Fib retracement level during the recent decline from a high of $3,040 to a low of $2,680. A clear move above the resistance at $2,860 could push the price towards the resistance at $2,900. An upward break above the $2,900 area could trigger further gains in the coming days. In the given case, Ether may rise towards the $3,000 or even $3,050 resistance zone in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,820, a recent decline could begin. Initial downside support is near the $2,700 level. The first major support is located near the $2,680 zone.

A clear move below the support at $2,680 could push the price towards the support at $2,620. Any further losses could push the price towards the $2,550 region. The main support amount can be $2,500.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

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

Main support level – USD 2,700

Major resistance level – $2,820