The Ethereum price has remained in a bearish zone, constantly struggling to break above the $3,250 mark. Recently, ETH took a dive below the critical support level of $3,000 and even tested the $2,850 zone. The price is currently trading below $3,000, indicating a strong bearish trend in the market.
Despite attempts to start a recovery wave above the $3,150 and $3,200 resistance levels, Ethereum failed to gain momentum. The price started another decline below $3,120 and even plunged below $3,050 and $3,000 support levels. Currently, there is a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD.
Support and Potential Upsides
If there is a chance for a recovery wave, Ethereum might face resistance near the $2,960 level. The first major resistance lies near the $3,000 level, followed by the $3,120 level or the 50% Fib retracement level. A close above $3,120 could push the price towards the $3,200 resistance, with the next significant hurdle at $3,250.
On the downside, initial support can be found near $2,850, followed by a major support level at $2,800. A break below $2,800 could further push the price towards $2,720, and potentially even down to $2,650 in the near term. Technical indicators such as the MACD and RSI are showing bearish momentum, indicating the likelihood of further price declines.
The Ethereum price remains under pressure, unable to sustain a recovery wave above key resistance levels. The bearish trend is likely to continue as long as the price remains below $3,000. Traders should closely monitor support and resistance levels for potential trading opportunities in the volatile crypto market.