Ethereum’s price has experienced a significant decline, falling below the $3,000 support level and even testing the $2,850 zone. The downward movement has been influenced by various factors, including a failure to recover above the $3,150 and $3,200 resistance levels, similar to Bitcoin’s performance.
Currently, Ethereum is exhibiting several bearish signals, trading below the 100-hourly Simple Moving Average and showing a bearish trend line with resistance near $3,000 on the hourly chart. If a recovery wave occurs, the price may encounter resistance at around $2,960, followed by the major hurdle at $3,000. Breaking above this level could potentially lead to Ether surpassing the $3,120 and $3,250 resistance levels.
However, if Ethereum fails to surpass the $3,000 resistance, the price might continue to decline. Initial support lies near $2,850, with the first major support at the $2,800 zone. Further losses could drive the price towards $2,720 and potentially the $2,650 level in the near future.
Technical indicators, such as the hourly MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index), are both showing bearish signals, with the MACD gaining momentum in the bearish zone and the RSI dropping below the 50 zone.
In summary, Ethereum’s recent price decline has brought it below significant support levels, and a recovery wave will face resistance at various levels. If the resistance is broken, there is potential for the price to rise. However, if the resistance holds, further losses could be expected.