Ethereum Price Faces Downward Pressure—Will $3,000 Become the Crucial Battleground?

Ethereum's price has started to decline below the $3,120 mark. Currently, ETH is consolidating and may soon attempt to initiate a recovery above the $3,200 level.

Key Takeaways

Ethereum's price has begun to decline from the $3,250 range.
ETH is trading below $3,200 and its 100-hourly Simple Moving Average.
A bearish trend line is forming, showing resistance around $3,175 on the ETH/USD hourly chart.
If Ethereum settles below the $3,050 level, it may continue to move downward.

Ethereum Price Drifts Lower

Ethereum Price Moves Toward Support

Ethereum's price was unable to maintain levels above $3,180 and has entered a fresh decline, mirroring Bitcoin's movement. ETH dipped below $3,150 and $3,120, placing it into a short-term bearish zone.

The selling pressure has driven the price close to $3,000, with a low recorded at $3,026. Currently, the price is attempting to recover from these losses, having moved above the 23.6% Fibonacci retracement level of the decline from the $3,273 swing high to the $3,026 low.

As it stands, Ethereum is trading below $3,200 and the 100-hourly Simple Moving Average. Additionally, a bearish trend line is forming with resistance set at $3,175 on the hourly chart for ETH/USD. Should there be an upward movement, the price may face challenges near the $3,150 level as well as at the 50% Fibonacci retracement level from the aforementioned high to low. The next significant resistance is located around $3,180 and near the trend line.

Ethereum Price
Source: ETHUSD on TradingView.com

The first key resistance level lies around $3,200. A decisive movement above this resistance could propel the price toward the $3,250 mark. If Ethereum manages to break past the $3,250 area, further gains could be on the horizon. In such a scenario, ETH could potentially rise toward the $3,320 resistance zone, or even reach $3,400 in the near future.

Is Another Decline on the Horizon for ETH?

Should Ethereum fail to break through the $3,200 resistance, it may set the stage for another decline. The initial support level to watch on the downside is near $3,080, while the first major support is around the $3,050 zone.

A definitive move below the $3,050 support could lead the price toward $3,020. Should losses continue, Ethereum's price may drop toward the $3,000 area. The next critical support is at $2,940.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining traction in the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 level.

Major Support Level: $3,080
Major Resistance Level: $3,200