Ethereum Price Dives Below $3,000 Support

Ethereum Price Plunges Below $3,000, More Losses Ahead?

In the world of cryptocurrency, Ethereum has been facing a tough time as its price remains in a bearish zone below the $3,250 mark. The digital currency recently took a dive below the crucial $3,000 support level and even tested the $2,850 zone, sparking concerns among investors and traders.

Ethereum started a fresh decline below the $3,120 and $3,000 levels, indicating a lack of buying interest in the market. The price is currently trading below $3,000 and the 100-hourly Simple Moving Average, further adding to the bearish sentiment.

A key bearish trend line is forming with resistance near $3,000 on the hourly chart of ETH/USD, suggesting that any potential recovery might face hurdles. While the pair could correct losses, upsides are expected to be limited above the $3,120 zone.

The recent price action saw Ethereum plunging 8% and testing the $2,850 support level. Although a low was formed at $2,862, the price is now consolidating losses and showing bearish signs. It is trading well below the 23.6% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low.

If there is a recovery wave, Ethereum might face resistance near the $2,960 level, with the first major resistance at $3,000. The presence of a bearish trend line near $3,000 and the 100-hourly SMA indicates that the path to recovery won’t be easy for Ethereum.

Looking ahead, if Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near $2,850, with the first major support at the $2,800 zone. A clear break below $2,800 might pave the way for further losses towards $2,720 and potentially even $2,650 in the near term.

In terms of technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the hourly RSI is now below the 50 zone. The major support level is at $2,850, while the major resistance level stands at $3,000.

With Ethereum facing significant challenges in its price action, investors and traders will be closely monitoring the market for any signs of a potential turnaround or further downside movement.