Ethereum‘s price has dropped below the $3,000 level. ETH could indicate the start of a strong recovery trend if it surpasses the resistance levels of $3,100 and $3,200. However, it is mentioned that the bulls are tired, which is evident as the price is currently moving at $2,978. What levels should be watched for Ethereum?
Ethereum Drops Below $3,000
Recently, Ethereum entered a slow decline after failing to surpass the $3,200 resistance area. The price tried to hold in a falling zone below $3,100, encountering bearish signals similar to other cryptocurrencies like Bitcoin.
Bears have recently managed to pull the price below the $3,000 support area. Due to the exhaustion of the bulls, they could not lift the ETH price above $3,000. The immediate resistance level is around $3,000.
ETH Resistance Points
The first major resistance point is near the $3,100 level and the 100-hour Simple Moving Average. Next, a key resistance level is around $3,200, and surpassing this level could see the price rise towards $3,280.
If a close above the $3,280 resistance level occurs, it is thought that Ethereum could initiate a move towards the $3,500 pivot level. Surpassing this level could lead to a climb towards $3,650 in upcoming sessions.
If Ethereum Fails to Break $3,000 Resistance
If it fails to surpass the $3,000 resistance level, Ethereum could face further losses. Currently, the first support level Ethereum faces is around $2,950. However, a larger decline could make the $2,900 area significant.
A clear move below $2,820 could direct Ethereum’s price towards $2,600. Worse, if this loss continues, it could soon pull the price down to $2,550.
Technical Indicators
The hourly MACD for ETH/USD is gaining momentum in the negative zone. This indicates a bearish outlook in the short term. The hourly RSI (Relative Strength Index) for ETH/USD is currently below the 50 level, which could signal the continuation of the downturn.
The main support level for Ethereum is stated as $2,900. It is crucial for Ethereum’s price recovery to stay above this level. The main resistance level is still $3,000, but surpassing this level would be an important step for an upward movement.
