The Ethereum price continues to remain in a bearish zone, struggling to break above the $3,250 resistance level. Despite multiple attempts to recover, ETH has failed to gain momentum and has instead plummeted below the $3,000 support level. The recent dip even tested the $2,850 zone, showing the ongoing struggle of Ethereum to maintain a bullish trend.
The hourly chart of ETH/USD via Kraken indicates a key bearish trend line forming with resistance near $3,000. The 100-hourly Simple Moving Average also shows that Ethereum is currently trading below $3,000, signaling further potential downside movement. The MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI is now below the 50 zone, reinforcing the negative sentiment surrounding Ethereum’s price movement.
Although there may be a possibility of a corrective wave, upsides for ETH are likely to be limited above the $3,120 zone. Ethereum failed to initiate a recovery wave above the $3,150 and $3,200 resistance levels, leading to another decline below the $3,120 support zone. The price also experienced a significant drop below the $3,050 and $3,000 support levels, resulting in an 8% decline and a test of the $2,850 support level.
If the price of Ethereum continues to struggle and fails to clear the $3,000 resistance, it could potentially move further downward. Initial support is expected near the $2,850 level, with strong support near the $2,800 zone. A decisive move below $2,800 might push the price toward $2,720, with further losses potentially reaching the $2,650 level in the near term.
Ethereum’s price movement remains volatile and bearish as it struggles to break above key resistance levels. The technical indicators suggest a negative sentiment, with the potential for further downward movement if the $3,000 resistance is not cleared. Traders and investors should closely monitor the support and resistance levels to assess the future price direction of Ethereum.
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