{"id":136955,"date":"2021-08-27T06:19:45","date_gmt":"2021-08-27T06:19:45","guid":{"rendered":"https:\/\/precoinnews.com\/?p=136955"},"modified":"2021-08-27T06:19:45","modified_gmt":"2021-08-27T06:19:45","slug":"ta-why-ethereum-looks-ready-for-another-leg-lower-below-3k","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-why-ethereum-looks-ready-for-another-leg-lower-below-3k\/","title":{"rendered":"TA: Why Ethereum Looks Ready For Another Leg Lower Below $3K"},"content":{"rendered":"<p><em>Ethereum failed to clear the $3,200 resistance and declined further against the US Dollar. ETH price is now at a risk of more downsides below $3,050 and $3,000.<\/em><\/p>\n<ul>\n<li>Ethereum settled below the $3,200 pivot level and extended its decline.<\/li>\n<li>The price is now trading well below $3,200 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could continue lower if it fails to stay above the $3,050 support zone.<\/li>\n<\/ul>\n<h2>Ethereum Price Slides Further<\/h2>\n<p>Ethereum failed to settle above the $3,200 pivot level. ETH price started a fresh decline and broke the $3,150 support zone, similar to bitcoin.<\/p>\n<p>The price even broke the $3,120 support level and tested $3,060. It is now trading well below $3,200 and the 100 hourly simple moving average. Ether is now consolidating near the 23.6% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low.<\/p>\n<p>On the upside, the first key resistance is near the $3,120 level. The main resistance is now forming near the $3,150 level. There is also a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH\/USD.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/08\/Ethereum-18.png\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>The trend line is close to the 50% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low. A clear break above the $3,150 resistance might open the doors for a steady increase. The next key resistance is now forming near the $3,200 level. Any more gains may possibly call for a move towards the $3,300 level.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If ethereum fails to continue higher above the $3,120 and $3,150 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,080 level.<\/p>\n<p>The next major support is now forming near the $3,060 zone. A downside break below the $3,060 support zone could accelerate losses. The main support sits near the $3,000 level, below which the bulls could struggle in the coming days. The next key supports sits near the $2,880 and $2,850 levels.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is well below the 50 level.<\/p>\n<p>Major Support Level \u2013 $3,060<\/p>\n<p>Major Resistance Level \u2013 $3,150<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-leg-lower-below-3k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum failed to clear the $3,200 resistance<\/p>\n","protected":false},"author":3,"featured_media":136954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TA: Why Ethereum Looks Ready For Another Leg Lower Below $3K - 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