Ethereum Price Slumps Below $3,000 as Bearish Trend Continues

Ethereum Price Update

Ethereum's price declined after failing to maintain above $3,150, dropping over 5%.
Currently trading below $3,100 and the 100-hourly SMA.
A bearish trend line with resistance at $3,150 is forming on the hourly ETH/USD chart.
The price could continue to decline if it settles below $3,000.

Ethereum experienced a fresh decline, similar to Bitcoin, dipping below $3,180 into a bearish zone. The price hit a low at $2,955 but is now correcting slightly. It is trading below $3,150, facing resistance near $3,050 and $3,150.

Ethereum Price

Key resistance levels are at $3,260 and $3,350. A break above these could lead to further gains toward $3,450 or $3,500.

If Ethereum fails to surpass $3,150, another decline may occur. Initial support is at $2,950, with major support at $2,880. Further declines might target $2,750 and $2,680.

Technical Indicators

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Below the 50 zone.
Major Support Level: $2,950
Major Resistance Level: $3,150