Ethereum (ETH) Forms Bearish Technical Pattern, What Next?

• ETH experienced a downward correction after failing to stabilize beyond $3,200.
• The coin now trades beneath $3K and 100-hour SMA.
• ETH’s hourly chart shows a vital plunging channel emerging with resistance at $2.9K (Kraken data feed).
• The pair might witness extended declines with a considerable action beneath the support level of $2,800.

Ethereum’s price settled under the support level of $3,000. Staying beneath this level might see the altcoin continuing its downward movements.

ETH Price Still Vulnerable

Ethereum price could not stabilize beyond $3,020 and $3K support regions. That way, the alt extended its plummets beneath the support of $2,950 and settled under 100-hour SMA. The downward move had ETH exploring levels under $2.9K. Moreover, the crypto created a low of around $2,832, resulting in consolidations. The closest resistance stands at $2,880. Nevertheless, the first massive resistance lies near $2,950.

There’s a vital plunging channel emerging with the resistance of 42.9K on ETH/USD’s one-hour price chart. The channel’s resistance stands near 23.6% Fibonacci retracement of the latest drop from $3,142 to $2,832.

The primary resistance locates around 43K and 100-hr Simple Moving Average. The level matches the 50% Fibonacci retracement of the plummet to $2,832 from $3.141. Nevertheless, a significant-close past $3K might trigger another upward move for the altcoin. In this case, Ethereum may surge past $3,050, then $3,080. Further gains will see the leading alt rising to $3,120.

More Dips in Ethereum?

Failure to kick-start new surges past $2.9K and $3K will see Ethereum continuing its downward journey. That way, Ether will hit the first support at around $2,830. The following massive support stands around $2,830. Nevertheless, the next critical support stands at $2.8K.

A downward break beneath this zone may push ETH to $2,720. Another support lies at $2,650, beneath which Ether could experience a massive drop. With such a case, Ether might test the value level of $2,550. Meanwhile, Ethereum’s fate may depend on the assets reaction around the $2,800 support floor.

Ether Technical Indicators

• 1hr Moving Average Convergence Divergence seen pace inside bearish area
• 1hr Relative Strength Index stays beneath the 50-mark.
• Massive support region – $2.8K
• Crucial resistance region – $3K