Ethereum is attempting a mild recovery after slipping below the $3,000 mark, but the broader trend remains pressured by strong overhead resistance. According to market data from Kraken, ETH failed to hold above $3,150 earlier this week, triggering a decline that briefly tested the $2,950 region.
The drop accelerated once Ethereum lost support near $3,050, eventually forming a local low at $2,941. Since then, the price has attempted to retrace its losses, moving above the 50% Fibonacci retracement level drawn from the $3,217 swing high to the $2,941 low.
However, ETH continues to trade below $3,120 and the 100-hourly Simple Moving Average, signaling that bullish momentum remains weak.
Key Resistance Levels Could Block Ethereum’s Recovery
A significant bearish trend line is forming near $3,150, which also aligns with the 76.4% Fib retracement zone. This level remains the first major resistance for Ethereum. If ETH manages to break above $3,150, it will then face a stronger barrier at $3,220, followed by the crucial $3,250 level.
A successful breakout above $3,250 could open the door for a move toward $3,320, and potentially allow Ethereum to target $3,450 or even $3,500 in the near term.
Risk of Another Decline If Bulls Fail to Break $3,150
If Ethereum fails to clear the $3,150 resistance, it may start another downward move. Initial support sits at $3,065, followed by a stronger support zone around $3,020.
A breakdown below $3,020 could push ETH back toward $2,950, where it recently found temporary stability. Further selling pressure may drag the price into the $2,880 range, with deeper supports seen around $2,750–$2,740.
Technical Indicators
- •Hourly MACD: Losing momentum within the bearish zone.
- •Hourly RSI: Hovering above 50, suggesting a slight improvement in momentum.
Ethereum’s price action remains uncertain as bulls attempt to reclaim key levels while bears continue to exert strong resistance.