Ethereum Extends Decline, Why ETH Could Revisit $3K

Ethereum extended its decline below the $3,200 support against the US Dollar. ETH price is at a risk of more downsides below the $3,120 support zone.

Ethereum extended its decline below the $3,250 and $3,200 support levels.
The price is now trading below $3,250 and the 100 hourly simple moving average.
There is a key bearish continuation pattern forming with support near $3,170 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue lower if it fails to stay above the $3,120 support zone.

Ethereum Price Corrects Lower
Ethereum failed to stay above the $3,300 support zone and extended its losses. ETH price broke the key $3,250 support zone to enter a bearish zone, similar to bitcoin.
The price even broke the $3,200 support level and the 100 hourly simple moving average. Ether traded as low as $3,150 and it is now consolidating losses. It recovered above the $3,170 and $3,180 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,380 swing high to $3,150 low.
It is now consolidating below $3,250 and the 100 hourly simple moving average. There is also a key bearish continuation pattern forming with support near $3,170 on the hourly chart of ETH/USD.
On the upside, an initial resistance is near the $3,200 and $3,220 levels. A clear break above the triangle resistance and $3,220 might call for a steady increase. The next key resistance is now forming near the $3,265 level. It is close to the 50% Fib retracement level of the recent decline from the $3,380 swing high to $3,150 low.

Source: ETHUSD on TradingView.com
Any more gains may possibly call for a move towards the $3,300 level in the near term. An intermediate resistance may possibly be near the $3,292 level.
More Losses in ETH?
If ethereum fails to continue higher above the $3,200 and $3,220 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,150 level.
The key support is now forming near the $3,120 zone. A downside break below the $3,120 support zone could push the price further lower. The next major support could be $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $3,120
Major Resistance Level – $3,265

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

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