Ethereum Faces Resistance at $3,050 Amid Price Decline
- Ethereum price started a recovery wave above $2,880 but failed near the $3,050 resistance level.
- ETH is currently trading below $2,990 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trend line with support at $3,000 on the hourly chart of ETH/USD.
- Immediate resistance is seen near the $2,980 level with major resistance at $3,000 and $3,050.
- Key support levels are identified at $2,920 and the major support zone around $2,880.
Ethereum’s price has been fluctuating as it struggles to maintain stability above crucial levels like $3,000 and faces strong resistance near $3,050. The recent decline came after failing to sustain gains above these levels despite a recovery wave initiated above $2,880.
If Ethereum fails to clear the significant resistance barriers at or above $3,000 and subsequently falls below key support zones like $2,880, further declines could be expected toward lower support levels such as $2,820 or even down to the main support of around $2,740. (Source)
