Ethereum Breaks $3K Floor as Bears Press for Additional Downside
Overview
Ethereum has faced significant downward pressure, failing to maintain its price above $3,150. The cryptocurrency has experienced a decline of over 5%, dipping below the key psychological level of $3,000, which raises concerns about its future trajectory.
Price Decline and Current Position
Ethereum’s recent price movements indicate a fresh decline after it struggled to hold above the $3,150 mark. Following a drop below $3,180, ETH entered a bearish zone, continuing its descent past the $3,120 level and eventually falling below $3,000. A low of $2,955 was recorded, although the price has begun to correct some of these losses.
As of now, Ethereum is trading below both the $3,150 level and the 100-hourly Simple Moving Average. A bearish trend line has formed, indicating resistance at $3,150 on the hourly chart of ETH/USD. If the price does not recover above this resistance level, further declines may occur.
Resistance and Support Levels
In the event of a recovery, Ethereum may encounter resistance near the $3,050 level, with the next significant resistance at $3,150. Should the price manage to break above $3,150, it could test higher resistance levels, including $3,260 and possibly $3,350.
Conversely, if Ethereum fails to clear the $3,150 resistance, it could initiate another decline. Initial support is located near the $2,950 level, with major support around the $2,880 zone. A breach below this level could lead to further downward movement, potentially pushing the price toward $2,750 and subsequently to $2,680.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI: The RSI for ETH/USD is currently below the 50 zone.
Impact on the crypto market
- Ethereum’s failure to maintain the $3,150 level could influence market sentiment negatively.
- A sustained drop below $3,000 may lead to increased selling pressure across the broader cryptocurrency market.
- Resistance levels at $3,150 and $3,260 will be critical for potential recovery attempts.
- Continued bearish momentum may trigger further losses for Ethereum and affect other cryptocurrencies linked to its performance.
Updated: 11/18/2025, 4:29:34 AM
