Ethereum ’s recent price movements signal a challenging landscape, with the cryptocurrency encountering significant resistance around the $3,220 level. After a failed attempt to sustain gains above $3,250, Ethereum has experienced a notable decline, dipping below the $3,050 level.
Currently, the Ethereum price is hovering below the critical $3,200 level and the 100-hourly Simple Moving Average, indicating a weak market sentiment. A bearish trend line has formed, with resistance established at approximately $3,250. As the price consolidates losses, any upward movements are likely to face resistance, particularly around the $3,220 range.
In the preceding days, Ethereum ’s price witnessed a drop below both the $3,250 and $3,200 levels, similar to the trend observed in Bitcoin . After reaching a low of $3,021, the market saw a slight recovery, with the price attempting to rise above the $3,120 and $3,150 levels. This recovery managed to surpass the 23.6% Fibonacci retracement level related to the recent decline. However, bullish momentum was short-lived, as resistance proved too strong near the $3,220 level.
Should the price manage to break through the $3,270 resistance, it could push toward the $3,350 level, potentially leading to further gains. In a bullish scenario, Ethereum might advance to the $3,420 region or even touch the $3,500 level. Conversely, if Ethereum fails to overcome the $3,220 resistance, it may slide further, with initial support levels identified at $3,050 and lower at around $3,020. A decisive drop below $3,020 could result in significant losses, potentially dragging the price down to $3,000 or even $2,950.
The market indicators reflect a bearish trend, with the MACD signaling increasing momentum in the negative zone, while the RSI remains below the mid-range, suggesting that bearish sentiment could continue to dominate.
