Ethereum has recently experienced a downturn, retreating from the $3,250 level and settling around $3,000, where it is currently undergoing consolidation. This shift follows a period of stagnation, with Ethereum ’s price failing to breach the crucial $3,450 level. Subsequently, a noticeable correction transpired, causing Ethereum to drop below the established support levels of $3,320 and $3,250. The selling pressure intensified, pushing the price down to $3,031, close to the significant support zone of $3,000.
As Ethereum trades below the $3,200 threshold and the critical 100-hour Simple Moving Average, it faces notable resistance. The hourly chart indicates the formation of a bearish trend line that creates resistance near $3,185. Additional resistance is observed at the $3,200 level, while the primary hurdle exists at approximately $3,265, corresponding to the 76.4% Fibonacci retracement level derived from the recent price decline.
To regain upward momentum, Ethereum must successfully clear the $3,265 resistance. Doing so could propel its price toward the next resistance near $3,320, further opening the gates for potential moves towards the $3,450 zone. However, if the resistance at $3,200 persists, Ethereum might be poised for further losses. Initial support appears at $3,040, with critical support established around the $3,000 level. A breach below this would likely see Ethereum ’s price target lower at around $2,950 and potentially down to the significant support of $2,740.
Technical indicators reveal a weakening MACD, suggesting a loss of momentum in the bearish phase, while the Relative Strength Index (RSI) currently sits below the 50 mark, underscoring a bearish sentiment in the market.
