Ethereum Price Declines Again, Consolidates Below $3K After Latest Breakdown
Overview
Ethereum’s price has experienced a significant decline, failing to maintain a position above $3,000 and testing the $2,770 level. As it attempts to recover, it faces resistance around $2,880, indicating ongoing volatility in the market.
Recent Price Movements
Ethereum began a fresh decline after it could not hold above the $3,000 mark. The price has dropped below both the $3,000 level and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance noted at $3,050 on the hourly chart of ETH/USD. Should the price settle below the $2,800 zone, it could continue to trend downward.
The decline accelerated as Ethereum’s price fell below $2,880 and subsequently dipped past the $2,800 mark. A low was established at $2,770, with the price now consolidating below the 23.6% Fibonacci retracement level of the recent decline from the $3,058 swing high to the $2,770 low.
At present, the price is trading under the $3,000 threshold and the 100-hourly Simple Moving Average. If a recovery wave occurs, resistance is expected near the $2,920 level, as well as the 50% Fibonacci retracement level of the recent decline. The next significant resistance is around $2,950, followed by the major resistance near $3,050.
A clear breakthrough above the $3,050 resistance could potentially lead to a price increase toward the $3,120 resistance. If the price surpasses the $3,120 region, it might pave the way for further gains in the near future.
Potential for Further Decline
If Ethereum cannot overcome the $2,920 resistance, it may initiate a new decline. Initial support is identified near the $2,770 level, with the first major support located around the $2,740 zone. A decisive move below the $2,740 support could result in a drop toward the $2,680 support. Continued losses might push the price down to the $2,620 region, with additional key support levels at $2,550 and $2,500.
Impact on the crypto market
- Ethereum’s inability to maintain a price above $3,000 adds to the bearish sentiment in the market.
- The current consolidation below key Fibonacci levels may indicate uncertainty among traders.
- Resistance levels identified could impact trading strategies and market movements for Ethereum.
- Continued price declines may influence investor confidence in Ethereum and the broader cryptocurrency market.
- Support levels are critical for determining potential future price trends and market stability.
Updated: 11/21/2025, 5:23:54 AM
