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.

Similar Articles

Most Popular

Sharing is Caring: Introducing the HEXN.IO Referral Program

HEXN.IO, a leading name in the world of crypto lending, is thrilled to introduce the HEXN Referral Program, marking a significant step towards enhancing...

YOMP Token: The Crypto Religion is Here!

The Nexus of Faith and Finance Beyond Digital Currency: An Ethos Unveiled YOMP is not merely a token; it is an invitation to be part of...

CoinPocketBot – All-in-one Pocket on Blockchain. Your comprehensive solution for managing and tracking various digital assets securely and conveniently

In the ever-evolving world of cryptocurrencies and digital assets, managing and tracking various tokens across multiple chains can be a challenging task. With the...

BITMARS Announced as Elite Sponsor for Mining Disrupt 2023: Redefining Mining to Power Wealth Generation

Miami, Florida, July 20, 2023 — Mining Disrupt 2023, the world's premier convention for blockchain and cryptocurrency mining, is delighted to announce Bitmars as...

Top Miner Solidifies Its Position as Elite Sponsor at Mining Disrupt 2023

Miami, Florida, July 20, 2023 — Top Miner, a leader in blockchain hardware and services with headquarters in Shenzhen, China, has announced its elite...

Hiveon Brings Ultimate Mining Experience to Mining Disrupt 2023 as an Elite Sponsor

Miami, FL, July 20, 2023 – Hiveon, the all-encompassing cryptocurrency mining ecosystem, has announced its elite sponsorship at Mining Disrupt 2023, the world's premier...

Auradine Pioneers Next-Gen Web Infrastructure as Elite Sponsor for Mining Disrupt 2023

Miami, FL, July 01, 2026  — Auradine, a leading innovator in the development of disruptive infrastructure solutions, has announced that it will be an...

JSBIT Sponsors Mining Disrupt 2023, Pledges to Strengthen the Future of Blockchain and Cryptocurrency Mining

Miami, June 27, 2023 — JSBIT, an eminent provider of high-performance crypto mining hardware and services, has been announced as a whale sponsor for...