The ETH/USD started a major downtrend from the $2,970 zone versus the US Dollar. The Ether dived below $2,800 and might accelerate lower below the $2,700 support. Ethereum started a major decline after it failed to surpass $2,970. The price is now trading below $2,800 and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $2,900 on the hourly chart of ETH/USD. The pair could drop further if there is a close below the $2,700 support zone.

Ethereum Price Dives

Ethereum struggled to settle above the $2,950 resistance. ETH topped near the $2,970 level and started a fresh decline. There was a sharp move below the $2,900 and $2,850 levels. Besides, there was a break below a key bullish trend line with support near $2,900 on the hourly chart of ETH/USD . Ether price declined below the $2,800 level and the 100 hourly simple moving average.

Finally, there was a spike below the $2,720 support level. A low was formed near $2,678, and the price corrected a few points. There was a recovery wave above the $2,720 level. The price even climbed above the 23.6% Fib retracement level of the recent decline from the $2,969 swing high to the $2,678 low.

On the upside, an initial resistance is seen near the $2,760 level. The first major resistance is near the $2,820 level. It is near the 50% Fib retracement level of the recent decline from the $2,969 swing high to the $2,678 low. The main breakout zone is now near the $2,875 level. A close above the $2,875 level could open the doors for a decent increase, and In the stated case, ether price might rise towards the $3,000 resistance.

More Losses in ETH?

If Ethereum fails to gain a pace above the $2,760 resistance, it could continue to move down. Initial support on the downside is near the $2,720 zone. The next major support is near the $2,680 level. If a downside break below $2,680 and the recent low, ether price might accelerate lower. In this case, it could even decline below the $2,600 level. Good luck