Ethereum Price Struggles Below $3,100 Amid Bearish Trend

Ethereum's price is experiencing volatility as it fails to maintain levels above $3,000, recently testing the $2,870 mark. Currently, ETH is attempting a recovery but faces resistance at $3,100.

ETH declined after failing to stay above $3,050 and is trading below $3,100 and the 100-hourly Simple Moving Average.
A key bearish trend line with resistance at $3,100 is forming on the hourly ETH/USD chart.
The price could continue downwards if it settles below the $3,000 zone.

Resistance Levels and Potential Gains

Ethereum attempted to recover from a dip reaching $2,870. It managed to move above the 50% Fib retracement level of the recent decline from $3,165 to $2,870 but remains below $3,100.

Resistance is present near $3,050 and the 61.8% Fib retracement level.
The next major resistance is at $3,150. Surpassing this could drive the price towards $3,200.
An upside break above $3,200 may lead to further gains up to $3,320 or even $3,350.

Ethereum Price

Potential Decline

If Ethereum can't surpass the $3,100 resistance, another decline is possible:

Initial support is near $3,000, with major support around $2,940.
A break below $2,940 might push the price to $2,880, with further losses potentially reaching $2,820.
Key support levels are at $2,750 and $2,740.

Technical Indicators

Hourly MACD: Losing momentum in the bearish zone.
Hourly RSI: Above the 50 level.

Major Support Level: $3,000

Major Resistance Level: $3,100