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.
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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.
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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.
