Ethereum Price Prediction – Why ETH/USD Could Drop Further Under $2.9K
From $3,000, Ethereum began a precipitous decline against the US dollar. ETH is struggling below $2,900 and may fall below $2,800 in the near term. Following a clear move below $3,000, ETHEREUM began a significant decline. The price is currently trading above $2,900 and the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $2,935. To avoid further declines in the near term, the pair must remain above the $2,840 support level.
Ethereum’s Value Plummets
Ethereum attempted to break through the $3,000 resistance zone but failed to break through the $3,000 barrier and formed a short-term top near $2,980. The price fell sharply after reaching a high of $2,967. The price fell sharply below the $2,950 support level and the 100 hourly simple moving average. The bears were successful in pushing the price below $2,900.
A low near $2,840 was formed, and the price is now consolidating losses. Ether is now trading above the 23.6 percent Fib retracement level of the recent decline from the swing high of $2,967 to the low of $2,840.
On the upside, an initial resistance level is seen near $2,900. It is close to the 50% Fib retracement level of the recent drop from the $2,967 swing high to the $2,840 low. The next significant resistance is near $2,930. On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $2,935.
The main resistance is now around $3,000 and the 100 hourly simple moving average. A close above $3,000 could spark a new rally in the near term. In the aforementioned scenario, Ether could reach $3,050.
More Drawbacks in ETH?
If Ethereum fails to gain traction above $2,930, it may continue to fall. On the downside, an initial support level is near $2,850.
The first major support is located near $2,840. If the price falls below the $2,840 support level, it may accelerate lower. The next important level of support is around $2,750. Good luck!
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