Ethereum’s price is currently holding strong at $3,000, but the question remains whether bulls can overcome the hurdle it faces. ETH has been struggling to break above the $3,100 resistance level and is currently trading below $3,120 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance at $3,035.
If Ethereum fails to clear the $3,100 resistance, it may experience another decline. The initial support level is around $3,000, followed by a major support zone near $2,900. Further down, the $2,820 zone or the 61.8% Fib retracement level could come into play. A move below $2,820 might push the price towards $2,600, with potential for even more losses towards the $2,550 level in the near term.
However, if Ethereum manages to break above the $3,100 resistance, it could initiate a decent recovery wave. The next key resistance levels to watch are $3,200 and $3,280. A close above $3,280 might open the path for a rise towards the $3,500 pivot level, and potentially even towards the $3,650 resistance in the coming sessions.
As always, it is important to conduct thorough research and exercise caution when making investment decisions. This article only provides educational information and does not represent financial advice.