Ethereum Price Faces Resistance as Bears Push Toward $3,000
- Ethereum price started a fresh decline below $3,120 and is currently consolidating.
- ETH is trading below $3,200 and the 100-hourly Simple Moving Average.
- A connecting bearish trend line with resistance at $3,175 is forming on the hourly chart of ETH/USD.
- The first major resistance level for Ethereum is near the $3,200 mark.
- Initial support on the downside is near the $3,080 level, with major support at $3,050.
Ethereum’s price has dipped into a short-term bearish zone after failing to stay above key levels like $3,180 and facing resistance at multiple points including $3,150 and $3,175. The cryptocurrency’s next move could be determined by its ability to break through or fall below these critical levels.
If Ethereum fails to surpass the $3,200 resistance level, it risks further decline toward significant supports at $3,050 and potentially down to the $2,940 region. Source
