Ethereum Dives Below $2,880 as Bears Tighten Their Grip on the Trend

Overview

Ethereum has experienced a significant decline, dropping below $2,880 as bearish sentiment takes hold of the market. The cryptocurrency has seen a downward trend after failing to maintain a position above $3,000, raising concerns about further losses.

Recent Developments

Ethereum’s price began a fresh decline, moving below critical levels of $2,950 and $2,900. As of the latest observations, it is trading below $2,880 and is also positioned beneath the 100-hourly Simple Moving Average. A notable break occurred below a key bullish trend line, which had support at $2,990 on the hourly chart of ETH/USD.

The price dipped over 5% and entered a bearish zone after failing to sustain levels above $3,000, mirroring the trend observed in Bitcoin. A low was recorded at $2,815, indicating bearish signs as the price lingered below the 23.6% Fibonacci retracement level from the recent swing high of $3,052 to the low of $2,815.

If Ethereum settles below the $2,800 zone, it could continue its downward trajectory. Resistance points have been identified at $2,880 and $2,940, which is also the 50% Fibonacci retracement level of the recent downward move. An upward move beyond the $2,960 resistance could potentially push the price toward the $3,000 resistance level.

Conversely, if the price fails to breach the $2,960 resistance, a fresh decline could ensue. Initial support is near the $2,820 level, with major support identified at $2,800. A significant move below this level might lead to further declines toward the $2,740 region, with subsequent support levels at $2,720, $2,650, and $2,620.

Impact on the crypto market

• The decline of Ethereum below $2,880 reflects a broader bearish sentiment in the cryptocurrency market.
• The failure to maintain levels above $3,000 may lead to increased volatility and uncertainty among traders.
• Key support and resistance levels have been established, which will be crucial for traders in determining future price movements.
• The current bearish momentum, as indicated by technical indicators, suggests that traders should remain cautious in their positions.
• Further losses in Ethereum could negatively impact overall market sentiment and potentially influence other cryptocurrencies.

Updated: 12/1/2025, 5:32:31 AM