Ethereum Slips to $3K, Highlighting Weakness After Recent Failed Rebound
Overview
Ethereum’s price has seen a significant decline, failing to maintain its position above $3,250. This downturn comes after a recent attempt at recovery, indicating ongoing weakness in the market.
Recent Price Movements
Ethereum’s price has dropped over 5% as it struggled to stay above $3,250. After failing to hold above $3,200, the price began a fresh decline, moving below both the $3,200 mark and the 100-hourly Simple Moving Average. A key bearish trend line has formed, with resistance identified at $3,160 on the hourly chart.
The decline was exacerbated after Ethereum could not sustain its position above $3,350, mirroring the downward trend seen in Bitcoin. As the price dipped below $3,200, it entered a bearish zone, gathering momentum as it fell below $3,150 and eventually reaching a low of $3,003.
Following this drop, there was a slight correction toward the 23.6% Fibonacci retracement level of the recent decline from a swing high of $3,560 to the low of $3,003. Currently, Ethereum is trading below $3,200 and the 100-hourly Simple Moving Average, facing potential resistance near the $3,160 level if another recovery attempt occurs.
The next notable resistance levels are around $3,280 and the 50% Fibonacci retracement level from the recent decline. Major resistance remains at $3,350, and a significant move above this level could lead to further upward momentum toward $3,450 and possibly higher.
Potential for Further Declines
If Ethereum fails to overcome the $3,280 resistance, further declines may be imminent. Initial support is observed near the $3,050 level, with major support located at the $3,000 zone. A decisive move below this support could trigger a decline toward the $2,880 level, with additional support levels at $2,750, $2,640, and $2,620.
Impact on the crypto market
- Ethereum’s inability to maintain the $3,250 level signals ongoing market weakness.
- The bearish trend may influence investor sentiment and trading strategies.
- A potential decline below the $3,000 support could lead to increased volatility in the broader crypto market.
- Resistance levels identified may dictate short-term trading patterns for Ethereum and other cryptocurrencies.
- The formation of a bearish trend line could impact market outlooks for Ethereum in the near term.
Updated: 11/17/2025, 4:29:50 AM
