Ethereum Price Declines Below $3,200 Amid Bearish Market Conditions
Ethereum Price Analysis
- Ethereum price declined below $3,250 and $3,200, currently consolidating losses.
- ETH trades below $3,200 and the 100-hourly Simple Moving Average.
- Resistance identified at $3,220 and a bearish trend line at $3,250.
- A low formed at $3,021 with recent corrections above $3,120 and $3,150.
- Key resistance levels: $3,220 (first), followed by $3,270 and $3,350.
- Initial support near $3,050; major support at $3,020.
- Potential further declines if price falls below $3,020 towards $3,000 or $2,950.
- Technical indicators show bearish momentum: MACD indicates strength in the bearish zone, RSI below 50.
