Ethereum price failed to stay above $2,950 and declined again. ETH is now consolidating and might soon aim to attempt another recovery wave if it clears $2,850.

• Ethereum started a fresh decline below the $2,920 zone.
• The price is trading below $2,900 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $2,925 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it settles below the $2,800 zone.

Ethereum Price Faces Renewed Selling Pressure

Ethereum price attempted a fresh increase but struggled above $2,950, like Bitcoin. ETH price dipped below $2,920 and $2,900 to enter a bearish zone.

The bears even pushed the price below $2,820. A low was formed at $2,775 and the price is now consolidating losses well near the 23.6% Fib retracement level of the downward move from the $2,993 swing high to the $2,775 low.

Ethereum price is now trading below $2,870 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance at $2,925 on the hourly chart of ETH/USD.

If there is another upward move, the price could face resistance near the $2,850 level. The next key resistance is near the $2,880 level and 50% Fib retracement level of the downward move from the $2,993 swing high to the $2,775 low. The first major resistance is near the $2,925 level and the trend line.

A clear move above the $2,925 resistance might send the price toward the $3,000 resistance. An upside break above the $3,000 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,080 resistance zone or even $3,120 in the near term.

Downside Continuation In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a fresh decline. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,775 zone.

A clear move below the $2,775 support might push the price toward the $2,720 support. Any more losses might send the price toward the $2,640 region. The next key support sits at $2,620.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,775

Major Resistance Level – $2,880

Bitcoin price started a fresh increase above the $106,000 zone. BTC is now consolidating and might attempt to clear the $110,500 resistance.

• Bitcoin started a fresh upward move above the $107,000 zone.
• The price is trading above $107,000 and the 100 hourly Simple moving average.
• There is a bullish trend line forming with support at $106,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh decline if it breaks the $105,000 support zone.

Bitcoin Price Gains Pace

Bitcoin price started a fresh increase after it settled above the $103,500 support zone. BTC was able to surpass the $104,400 and $105,000 resistance levels.

The bulls even pumped the price above the $108,000 resistance. A high was formed at $110,550 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $100,400 swing low to the $110,550 high.

Bitcoin is now trading above $108,000 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $106,850 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $110,000 level. The first key resistance is near the $110,500 level. The next key resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,800 resistance level. Any more gains might send the price toward the $115,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $110,500 resistance zone, it could start another decline. Immediate support is near the $108,200 level. The first major support is near the $106,500 level and the trend line.

The next support is now near the $105,500 zone and the 50% Fib retracement level of the upward move from the $100,400 swing low to the $110,550 high. Any more losses might send the price toward the $103,500 support in the near term. The main support sits at $102,000, below which BTC might gain bearish momentum.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $108,000, followed by $106,500.

Major Resistance Levels – $110,500 and $112,500.