Ethereum has experienced a renewed decline, continuing its downward trajectory from recent highs near $3,480. The cryptocurrency is currently facing significant resistance levels that threaten further losses, as it struggles to maintain an upward correction. Since falling below the $3,450 level, Ethereum has not regained momentum and is trading below key moving averages, including the 100-hour Simple Moving Average, indicating bearish momentum remains dominant.
The formation of a new bearish trend line at approximately $3,380 underscores persistent selling pressure. A break beneath $3,250 could accelerate the decline, with the next potential support levels identified around $3,220 and $3,150. A breach of these zones could open the door to even lower prices, with the next significant support seen near $3,020 and $3,000.
On the technical front, momentum indicators reflect a bearish outlook. The MACD on the hourly chart is showing increasing negative momentum, while the Relative Strength Index is below the neutral 50 level, further reinforcing the bearish sentiment. Meanwhile, resistance remains tightly clustered around $3,380, with broader resistance levels at $3,480 and $3,580. Surpassing the $3,580 threshold would be a notable bullish sign, potentially pushing the price toward the $3,650 to $3,675 range in the near term.
If Ethereum fails to clear the resistance near $3,380, a continued decline could ensue, with initial support at $3,250. A breakdown below this level could accelerate the decline toward $3,150, with the overall downside capped by stronger support levels at $3,020 and $3,000. The current technical landscape suggests that unless ETH can regain momentum above critical resistance points, the bearish trend may persist, impacting near-term price movement.
