Why Ethereum Looks Ready For Another Leg Lower Below $3K

Ethereum

Ethereum failed to clear the $3,200 resistance and declined further against the US Dollar. ETH price is now at a risk of more downsides below $3,050 and $3,000.

Ethereum settled below the $3,200 pivot level and extended its decline.
The price is now trading well below $3,200 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue lower if it fails to stay above the $3,050 support zone.

Ethereum Price Slides Further
Ethereum failed to settle above the $3,200 pivot level. ETH price started a fresh decline and broke the $3,150 support zone, similar to bitcoin.
The price even broke the $3,120 support level and tested $3,060. It is now trading well below $3,200 and the 100 hourly simple moving average. Ether is now consolidating near the 23.6% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low.
On the upside, the first key resistance is near the $3,120 level. The main resistance is now forming near the $3,150 level. There is also a key bearish trend line forming with resistance near $3,155 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the recent decline from the $3,249 swing high to $3,061 low. A clear break above the $3,150 resistance might open the doors for a steady increase. The next key resistance is now forming near the $3,200 level. Any more gains may possibly call for a move towards the $3,300 level.
More Losses in ETH?
If ethereum fails to continue higher above the $3,120 and $3,150 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,080 level.
The next major support is now forming near the $3,060 zone. A downside break below the $3,060 support zone could accelerate losses. The main support sits near the $3,000 level, below which the bulls could struggle in the coming days. The next key supports sits near the $2,880 and $2,850 levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is well below the 50 level.
Major Support Level – $3,060
Major Resistance Level – $3,150

bitcoin
Bitcoin (BTC) $ 84,158.55
ethereum
Ethereum (ETH) $ 1,926.92
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.42
bnb
BNB (BNB) $ 597.45
solana
Solana (SOL) $ 134.59
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.746297
dogecoin
Dogecoin (DOGE) $ 0.175931
tron
TRON (TRX) $ 0.223538
staked-ether
Lido Staked Ether (STETH) $ 1,925.84
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,053.52
pi-network
Pi Network (PI) $ 1.45
leo-token
LEO Token (LEO) $ 9.73
chainlink
Chainlink (LINK) $ 14.01
stellar
Stellar (XLM) $ 0.276241
wrapped-steth
Wrapped stETH (WSTETH) $ 2,305.07
usds
USDS (USDS) $ 1.00
the-open-network
Toncoin (TON) $ 3.30
hedera-hashgraph
Hedera (HBAR) $ 0.192661
avalanche-2
Avalanche (AVAX) $ 18.48
shiba-inu
Shiba Inu (SHIB) $ 0.000013
sui
Sui (SUI) $ 2.35
litecoin
Litecoin (LTC) $ 92.89
bitcoin-cash
Bitcoin Cash (BCH) $ 338.37
polkadot
Polkadot (DOT) $ 4.40
mantra-dao
MANTRA (OM) $ 6.52
ethena-usde
Ethena USDe (USDE) $ 0.999893
weth
WETH (WETH) $ 1,927.53
bitget-token
Bitget Token (BGB) $ 4.48
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
hyperliquid
Hyperliquid (HYPE) $ 14.62
whitebit
WhiteBIT Coin (WBT) $ 28.83
wrapped-eeth
Wrapped eETH (WEETH) $ 2,046.92
monero
Monero (XMR) $ 208.49
uniswap
Uniswap (UNI) $ 6.09
susds
sUSDS (SUSDS) $ 1.04
aptos
Aptos (APT) $ 5.34
dai
Dai (DAI) $ 0.999976
near
NEAR Protocol (NEAR) $ 2.64
pepe
Pepe (PEPE) $ 0.000007
okb
OKB (OKB) $ 46.33
ondo-finance
Ondo (ONDO) $ 0.874160
internet-computer
Internet Computer (ICP) $ 5.72
ethereum-classic
Ethereum Classic (ETC) $ 17.91
gatechain-token
Gate (GT) $ 21.38
aave
Aave (AAVE) $ 172.13
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,202.56
mantle
Mantle (MNT) $ 0.744154
official-trump
Official Trump (TRUMP) $ 12.04
bitcoin
Bitcoin (BTC) $ 84,158.55
ethereum
Ethereum (ETH) $ 1,926.92
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.42
bnb
BNB (BNB) $ 597.45
solana
Solana (SOL) $ 134.59
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.746297
dogecoin
Dogecoin (DOGE) $ 0.175931
tron
TRON (TRX) $ 0.223538
staked-ether
Lido Staked Ether (STETH) $ 1,925.84
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,053.52
pi-network
Pi Network (PI) $ 1.45
leo-token
LEO Token (LEO) $ 9.73
chainlink
Chainlink (LINK) $ 14.01
stellar
Stellar (XLM) $ 0.276241
wrapped-steth
Wrapped stETH (WSTETH) $ 2,305.07
usds
USDS (USDS) $ 1.00
the-open-network
Toncoin (TON) $ 3.30
hedera-hashgraph
Hedera (HBAR) $ 0.192661
avalanche-2
Avalanche (AVAX) $ 18.48
shiba-inu
Shiba Inu (SHIB) $ 0.000013
sui
Sui (SUI) $ 2.35
litecoin
Litecoin (LTC) $ 92.89
bitcoin-cash
Bitcoin Cash (BCH) $ 338.37
polkadot
Polkadot (DOT) $ 4.40
mantra-dao
MANTRA (OM) $ 6.52
ethena-usde
Ethena USDe (USDE) $ 0.999893
weth
WETH (WETH) $ 1,927.53
bitget-token
Bitget Token (BGB) $ 4.48
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
hyperliquid
Hyperliquid (HYPE) $ 14.62
whitebit
WhiteBIT Coin (WBT) $ 28.83
wrapped-eeth
Wrapped eETH (WEETH) $ 2,046.92
monero
Monero (XMR) $ 208.49
uniswap
Uniswap (UNI) $ 6.09
susds
sUSDS (SUSDS) $ 1.04
aptos
Aptos (APT) $ 5.34
dai
Dai (DAI) $ 0.999976
near
NEAR Protocol (NEAR) $ 2.64
pepe
Pepe (PEPE) $ 0.000007
okb
OKB (OKB) $ 46.33
ondo-finance
Ondo (ONDO) $ 0.874160
internet-computer
Internet Computer (ICP) $ 5.72
ethereum-classic
Ethereum Classic (ETC) $ 17.91
gatechain-token
Gate (GT) $ 21.38
aave
Aave (AAVE) $ 172.13
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,202.56
mantle
Mantle (MNT) $ 0.744154
official-trump
Official Trump (TRUMP) $ 12.04