Ethereum Price Uphill Battle Continues as Sellers Hold the Advantage
Overview
Ethereum’s price is currently struggling to maintain momentum, having recently tested levels below $3,000. After failing to sustain its position above $3,050, the cryptocurrency is now facing significant resistance as it attempts to recover.
Recent Price Movements
Ethereum’s price experienced a notable decline after it could not hold above the $3,050 mark. A fresh decline began as the price dropped below $3,000 and reached a low of $2,870. This movement indicates a bearish trend, which has been reinforced by trading below the 100-hourly Simple Moving Average.
As Ethereum tries to recover from this low, it is encountering resistance near the $3,100 level. This resistance is compounded by a key bearish trend line forming on the hourly chart. If the price settles below the $3,000 zone, there could be further downward movement.
Resistance and Support Levels
The current technical setup shows that Ethereum has resistance levels at $3,050 and $3,100. If a recovery wave occurs, these levels will likely be critical for any upward movement. The first major resistance is identified at $3,150, which, if surpassed, could lead to further gains toward the $3,200 region.
Conversely, if Ethereum cannot break through the $3,100 resistance, it may face a fresh decline. Initial support is near the $3,000 mark, with further support levels identified at $2,940, $2,880, and potentially down to $2,820. The next key support levels are at $2,750 and $2,740.
Impact on the crypto market
- Ethereum’s struggle to maintain levels above $3,000 may influence overall market sentiment.
- Resistance levels at $3,100 and $3,150 are critical and could dictate short-term price movements.
- A failure to recover could lead to increased bearish pressure, impacting other cryptocurrencies.
- The technical indicators, such as the MACD and RSI, suggest a cautious outlook for Ethereum’s price trajectory.
- Market participants will be closely watching support levels to gauge potential further declines.
Updated: 11/20/2025, 4:27:07 AM
