Ethereum’s price drop below $3,000 signals bearish momentum, with key support at $2,850. Resistance barriers at $3,000 and $3,120 may limit upward movement, while further declines could lead Ethereum to $2,650.
Ethereum Dives Below $3K: Analysis and Future Projections
Ethereum has experienced a significant price drop, falling beneath the $3,000 mark.
The decline began following a failure to initiate a recovery above the $3,150 and $3,200 resistance levels. The bearish trend has led to an 8% price drop, pushing Ethereum to test the $2,850 support zone. The cryptocurrency is trading below the 100-hour Simple Moving Average, with key resistance forming near $3,000 and $3,120.
Despite potential corrections, significant upward movement may be limited, with notable resistance barriers at $3,000 and $3,120. A close above these levels could propel Ethereum toward the $3,200 resistance and beyond. Conversely, if Ethereum fails to surpass $3,000, it might continue to decline, with initial support around $2,850 and further declines potentially reaching as low as $2,650.
Technical indicators highlight the bearish momentum, with the hourly MACD gaining in the bearish zone and the RSI below 50. The key support and resistance levels to monitor are $2,850 and $3,000, respectively.
