Ethereum’s price remained extremely volatile, with more losses falling below $3,050, just as Bitcoin ETH fell below $3,000. The decline occurred while it was at $2,936, and it is now just heading south. The Ethereum trade price has fallen to $3,050, as has the 100-day simple moving average. According to the ETH/USD hourly chart, it recently breached the barrier level and is now trading at $2,980.
Immediate resistance is close to $3,000, which corresponds to a 23% fib recall point from last fall’s gain of $3,218. The downslide cost $2,936. The initial prime resistance is around $3,030, which corresponds to the 100-day moving average.
Following the current drop from the $3,218 swing high to the $2,936 low, the next key level of resistance is $3,080, which is also the 50% Fib retracement level. According to the Ether price projection, the price may gain speed throughout this period and reach $3,150.
If the price rises above $3,150, it may face the $3,220 resistance level. If the offering is increased further, Ether’s price is likely to approach the $3,350 resistance level.
If Ethereum fails to break through the $3,030 resistance, it could fall further. The initial support for the downswing is around $2,965.
The following backing is close to $2,880. Traveling below the $2,880 backing may probably lower the price to $2,720. If further losses occur, the price may plummet, hitting $2,650 shortly.
