Ethereum Dives Below $3K: What’s Next For The Crypto?

As an experienced financial analyst, I’ve seen my fair share of market volatility and trend reversals. The recent decline in Ethereum price below the $3,000 support level is a concerning sign for investors.


Ethereum‘s price continued to trend downward, falling beneath the $3,250 mark. It even plunged below the $3,000 support level and approached the $2,850 region.

    Ethereum started a fresh decline below the $3,120 and $3,000 levels.
    The price is trading below $3,000 and the 100-hourly Simple Moving Average.
    There is a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could correct losses, but upsides might be limited above the $3,120 zone.

Ethereum Price Dives 8%

The price of Ethereum did not manage to rebound above the barriers of $3,150 and $3,200, instead continuing its downward trend similar to Bitcoin. Ethereum dipped below the support zones of $3,120 and $3,050, with further losses at $3,000.

As a researcher studying the financial markets, I’ve observed that the price has experienced a significant decrease, around 8%, and even dipped as low as $2,862 – testing the support level at $2,850. At present, the market is consolidating its losses. The current trend exhibits numerous bearish indicators, with trading occurring well beneath the 23.6% Fibonacci retracement level derived from the downward price movement that started at the $3,425 swing high and ended at the $2,860 low.

As an analyst, I’ve observed that Ethereum is currently trading under the $3,000 mark and below its 100-hour Simple Moving Average. Should a recovery wave emerge, the price may encounter resistance around the $2,960 region. The initial significant resistance lies at the $3,000 level.

Another significant bearish trend line is taking shape on the hourly chart of ETH/USD, with resistance around $3,000. The next considerable obstacle for the pair lies at approximately $3,120 or the 50% Fibonacci retracement level of the price decline from the peak of $3,425 to the trough of $2,860.

Ethereum Dives Below $3K: What’s Next For The Crypto?

As a crypto investor, if Ether manages to close above the $3,120 mark, it could push the price upward towards the next significant resistance at $3,200. Should we breach this level, the next stop for Ether might be around the $3,250 resistance. Overcoming this hurdle could potentially propel the price further up to the $3,350 resistance area.

More Losses In ETH?

As a researcher studying the Ethereum market, if it fails to surpass the $3,000 resistance, there’s a strong possibility that its price may continue to decrease. A preliminary level of support lies around $2,850. The first significant support, however, can be found in the vicinity of the $2,800 zone.

If the price falls significantly below the $2,800 support, it could lead to a further decline towards $2,720. Continued losses may cause the price to head towards the nearby support at $2,650.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $3,000

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2024-07-05 06:40