Ether Steady Under $3K- Why $3.1k is Crucial for ETH/USD Bulls

Ethereum began a new decline from the $3,080 resistance level against the US dollar. The price of ETH fell below the key $3,000 support level and even fell below $2,920. ETHEREUM failed to break through $3,080 and began a new decline. The price is currently trading below $3,000 and below the 100 hourly simple moving average.

On the hourly chart of ETH/USD, there was a break below a key rising channel with support near $3,030. The pair may recover, but gains may be limited near the $2,950 level. The price of Ethereum has broken through a critical support level.

Ethereum made another attempt to break above the $3,050 level and the 100 hourly simple moving average. On the other hand, ETH has yet to break through the $3,080 barrier.

A high was formed near $3,082, and the price began to fall again. The price fell significantly below the $3,050 support level and the 100 hourly simple moving average. Furthermore, on the hourly chart of ETH/USD, there was a break below a key rising channel with support near $3,030.

The pair was trading below the $3,000 support level. More importantly, the price fell below the $2,920 support level. Ether has formed a low near $2,896, and it is now consolidating losses.

On the upside, an initial resistance level is seen near $2,940. It is close to the 23.6 percent Fib retracement level of the recent drop from the $3,082 swing high to the $2,896 low. The next major resistance is located between $2,980 and $3,000 in price.

The 50% Fib retracement level of the recent decline from the $3,082 swing high to the $2,896 low is also close to the $2,990 level. A close above $3,000 and the 100 hourly simple moving average could signal the start of a decent recovery wave. The next major resistance level could be around $3,050.

More ETH Losses?

If Ethereum fails to initiate a recovery wave above the $3,000 level, it may continue to fall. On the downside, an initial support level is near $2,900.

The next major support is around $2,850. If the price falls below the $2,850 support level, it may begin to fall again. There is a risk of a move towards $2,780 in this scenario. Good luck!