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Ethereum Shows a Bearish Technical Pattern: Why ETH Could Still Plunge

Ethereum attempted to break above the $2,900 (R 45 743)barrier level. However, ETH failed to break through the $2,880( R45 427) barrier and began a new fall.

There was a break below the $2,850 (R44 954) and $2,820 (R44 481)support levels. The price fell quickly below the 50% Fib retracement level the upward move from the swing low of $2,718 (R42 872)to the high of $2,881 (R44 481). On the hourly chart of ETH/USD, there was also a break below a key rising channel with support near $2,820 (R45 443).

The price of Ether is currently trading below $2,820 (R44 481) and the 100 hourly simple moving average. It also tested the 76.4% Fib retracement level of the upward move from the swing low of $2,718 (R42 872) to the high of $2,881 (R44 481).

The price is currently consolidating near $2,790 (R44 008). On the upside, an initial resistance is evident near the $2,800 (R45 427) mark on the same chart, as well as a connecting bearish trend line. The next significant barrier is approaching $2,820 (R44 481) and the 100 hourly simple moving average.

A clear break above the $2,820 (R44 481) resistance level could signal the start of a steady upward movement. In the aforementioned scenario, the price of Ether could surge towards the $2,880(R45 427) resistance level. Any further advances might pave the way for a move above $2,920 (R46 058).

More ETH losses?

If ethereum fails to break through the $2,82 (R44 481)0 barrier level, it may continue to fall. On the downside, an initial support level is near $2,750 (R43 377).

The next big support is around $2,720 (R42 903). If the price breaks below the $2,220  (R35 017) support, it may gather bearish momentum. In the aforementioned scenario, there is a chance of a move towards the $2,600 (R41 011) level.

Indicators of Technical Performance

Hourly MACD – The MACD for ETH/USD is now losing ground in the bearish zone.

Hourly RSI – The RSI for ETH/USD is less than 50.

$2,720 ( R42 903) for Major Support

$2,820 ( R44 481) is the major resistance level.

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