Ethereum Price Falls Below $3,200 Amid Continued Bearish Trend

Ethereum's price has declined over 5% and is currently below $3,200, struggling to recover above $3,250.

ETH started declining after failing to maintain above $3,200.
The price is under the 100-hourly Simple Moving Average.
A bearish trend line shows resistance at $3,160 on the ETH/USD hourly chart.
If ETH settles below the $3,000 zone, further declines are possible.

Ethereum Price Analysis

Ethereum failed to surpass $3,350 and entered a bearish zone similar to Bitcoin. It dropped below $3,200, with a low at $3,003. The price is attempting to correct, approaching the 23.6% Fib retracement from $3,560 to $3,003.

Resistance levels include:

$3,160 - aligned with a bearish trend line.
$3,280 - near the 50% Fib retracement of the recent decline.
$3,350 - first major resistance; surpassing this could lead to $3,450.

Ethereum Price

If Ethereum moves above $3,450, it might aim for $3,500 or $3,550.

Potential Downside

If unable to surpass $3,280, ETH may decline further.
Initial support is at $3,050, with significant support at $3,000.
A drop below $3,000 might target $2,880, then $2,750.
Further support lies at $2,640 and $2,620.

Technical Indicators:

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Below the 50 mark.
Major Support Level: $3,050
Major Resistance Level: $3,280