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

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bitcoin
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ethereum
Ethereum (ETH) $ 1,939.26
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.34
bnb
BNB (BNB) $ 627.59
solana
Solana (SOL) $ 128.85
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.174373
cardano
Cardano (ADA) $ 0.719690
tron
TRON (TRX) $ 0.220531
staked-ether
Lido Staked Ether (STETH) $ 1,935.24
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,852.47
pi-network
Pi Network (PI) $ 1.33
leo-token
LEO Token (LEO) $ 9.80
chainlink
Chainlink (LINK) $ 14.12
the-open-network
Toncoin (TON) $ 3.47
stellar
Stellar (XLM) $ 0.272851
usds
USDS (USDS) $ 0.999953
wrapped-steth
Wrapped stETH (WSTETH) $ 2,321.11
hedera-hashgraph
Hedera (HBAR) $ 0.191475
avalanche-2
Avalanche (AVAX) $ 18.87
shiba-inu
Shiba Inu (SHIB) $ 0.000013
sui
Sui (SUI) $ 2.36
litecoin
Litecoin (LTC) $ 92.94
mantra-dao
MANTRA (OM) $ 7.00
polkadot
Polkadot (DOT) $ 4.41
bitcoin-cash
Bitcoin Cash (BCH) $ 337.84
ethena-usde
Ethena USDe (USDE) $ 1.00
weth
WETH (WETH) $ 1,939.75
bitget-token
Bitget Token (BGB) $ 4.45
binance-bridged-usdt-bnb-smart-chain
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hyperliquid
Hyperliquid (HYPE) $ 13.49
whitebit
WhiteBIT Coin (WBT) $ 28.50
wrapped-eeth
Wrapped eETH (WEETH) $ 2,060.38
monero
Monero (XMR) $ 211.65
uniswap
Uniswap (UNI) $ 6.35
susds
sUSDS (SUSDS) $ 1.04
aptos
Aptos (APT) $ 5.37
dai
Dai (DAI) $ 1.00
near
NEAR Protocol (NEAR) $ 2.66
pepe
Pepe (PEPE) $ 0.000007
okb
OKB (OKB) $ 51.00
internet-computer
Internet Computer (ICP) $ 5.98
mantle
Mantle (MNT) $ 0.817822
ondo-finance
Ondo (ONDO) $ 0.868017
ethereum-classic
Ethereum Classic (ETC) $ 17.99
gatechain-token
Gate (GT) $ 22.05
tokenize-xchange
Tokenize Xchange (TKX) $ 33.57
aave
Aave (AAVE) $ 175.21
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,169.55