Ethereum seeks direction: Can ETH bulls reclaim $3,000?

The price of Ethereum remained extremely disturbing, with further losses going under the $3,050 mark, much like Bitcoin ETH going under $3,000.

The drop occurred when it was at $2,936 and is currently only traveling south. The Ethereum trade price has sunk to $3,050, along with the 100-day simple moving average. According to every hour chart released by ETH/USD, it recently managed to breach the resistance level and stood at $2,980. 

Immediate resistance is close to $3,000, equivalent to a 23% fib recall mark pertaining to last fall from the increase amounting to $3,218. The downslide totaled $2,936. The initial prime resistance is close to $3,030, equivalent to the 100-day moving average. 

After the recent slide from the $3,218 swing high to the $2,936 low, the next important level of resistance is $3,080, which is also the 50% Fib retracement level. Over this period, the price could gain momentum and reach the $3,150 mark as per the Ether price forecast

It will be feasible for the price to advance and confront the $3,220 resistance level if it surpasses $3,150. If there are further increases in the offering, there is every probability that the price of Ether will head for the $3,350 resistance space. 

If Ethereum is unable to go beyond the $3,030 resistance, there could be another fall. The initial support for the downswing is close to the figure of $2,965. The initial main backing is close to reaching the $2,940 mark.

The following backing is close to the $2,880 mark. It is possible that traveling under the $2,880 backing will shift the price to $2,720. In the case of further losses, there could be a downfall in price, reaching the $2,650 mark in the near future.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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