Ethereum dropped more than 5% to test the $2,910 level after failing to hold above the $3,200 resistance zone, with technical indicators on the hourly chart now showing bearish momentum and a key trend line forming resistance at $3,020.
What Happened: ETH Falls Below $3,000
The second-largest cryptocurrency by market capitalization broke through multiple support levels including $3,150, $3,120 and the psychologically significant $3,000 mark as selling pressure intensified.
Data shows ETH/USD trading below its 100-hourly Simple Moving Average, with prices consolidating below the 23.6% Fibonacci retracement level of the recent decline from the $3,367 swing high.
A bearish trend line has formed with resistance at $3,020 on the hourly chart.
The $2,880 zone now represents critical support that bulls must defend to prevent further losses toward $2,800 or $2,750.
Also Read: The One Signal Everyone Missed Before Bitcoin Crashed And Wiped Out Nearly $1B
Why It Matters: Technical Signals Flash Warning
The hourly MACD is gaining momentum in the bearish zone while Relative Strength Index has dropped below the 50 level, suggesting continued downside pressure. If Ethereum fails to clear the $3,020 resistance, traders could see a fresh decline with initial support near $2,920.
For any recovery attempt, the price would need to break above $3,120 to reach the 50% Fibonacci retracement level, potentially opening a path toward $3,220 or $3,300.
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