Ethereum Price Drops Below $3K, Faces Resistance at $3,050
Ethereum's price has failed to sustain above $3,000, testing the $2,770 level. The current attempt to recover faces resistance near $2,880.
- ETH declined after failing to hold above $3,000, trading below both this level and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $3,050 on the ETH/USD hourly chart.
- If ETH settles below $2,800, further declines are possible.
Price Movement Details
After failing to break past $3,050, Ethereum entered a bearish phase similar to Bitcoin, declining below $3,000 and $2,880. It reached a low of $2,770 and is consolidating below the 23.6% Fib retracement level from $3,058 to $2,770.
The price could face resistance at $2,920 and the 50% Fib retracement level if there's another recovery wave. Key resistances lie at $2,950 and $3,050, with potential for further gains toward $3,120, $3,220, or even $3,250 if these levels are surpassed.
Potential Decline
If Ethereum doesn't clear the $2,920 resistance, it may decline again, with initial support at $2,770. Further support zones are $2,740, $2,680, and possibly as low as $2,620. Major support levels include $2,550 and $2,500.
Technical Indicators:
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI: Below 50.
- Major Support Level: $2,770
- Major Resistance Level: $3,050