Recently, the Ethereum price has remained in a bearish zone below the $3,150 mark, indicating a negative trend in the market. Despite attempting to recover above key resistance levels such as $3,080 and $3,120, ETH has failed to gain momentum and has instead started a fresh decline below $3,000.
Technical Indicators
Analyzing the technical indicators, the hourly MACD for ETH/USD is showing a gain in bearish momentum, while the hourly RSI has dipped below the 50 zone. These signals suggest that the price of Ethereum is facing significant downward pressure, making it challenging for the cryptocurrency to establish a positive trend.
Currently, Ethereum is trading below $3,000 and the 100-hourly Simple Moving Average, indicating a strong bearish sentiment in the market. The key resistance level to watch out for is near $2,950, where a bearish trend line has formed on the hourly chart of ETH/USD. If Ethereum fails to clear this resistance level, it could continue its downward trajectory.
In the near term, if Ethereum manages to overcome the $2,950 resistance, it could potentially move higher towards the $3,080 and $3,120 resistance levels. However, if the cryptocurrency fails to do so, it might face further downside pressure with initial support near $2,820 and a major support zone at $2,800. A break below $2,800 could lead to a drop towards $2,720 and even $2,650.
The current Ethereum price situation indicates a bearish trend with strong downward pressure. Traders and investors should closely monitor key support and resistance levels to determine the future direction of ETH. The technical indicators suggest that the bearish momentum is gaining strength, highlighting the challenges faced by Ethereum in establishing a positive trend in the market.
