Today, the crypto market opened with a sharp decline where major cryptocurrencies have been bleeding red. Bitcoin has dropped to the $40,000 level and Ethereum, the second-largest crypto by market cap has seen a decline towards the $3,00 level leading other altcoins too on a red note.
At the time of reporting, Ethereum is changing hands at $2,992 with a plunge of 2.98% over the last 24hrs.
Ethereum On A Bearish Pull
The lead altcoin, Ethereum, struggled to clear the price move above the $3,150 resistance zone. The ETH price did form a high at $3,179 before the start of the price decline. This decline in price movement led the second-largest crypto by market cap to break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD.
The Ethereum price bottomed below the 50% Fib retracement level from the high of $3,197 to the low of $2,880. Now it seems like Ethereum bulls are fighting against a 76.4% Fib retracement level. The initial resistance lies at $3,020 level. This resistance is followed by a $3,030 resistance barrier.
If the bulls manage to surpass the $3,030 level along with overtaking the $3,060 and the 100 hourly simple moving average, Ethereum price could start afresh rise in the near term and see a rally towards the $3,150 level.
On the flip side if Ethereum fails to maintain its price movement above the $3,030 level, then the price could see a downfall. The initial downside support for ETH lies near the $2,970 range.
Hence, if the bulls give up the rally and fall below the $2,970 range, the next support lies at $2,950 followed by the $2,880 zone.