Ethereum’s recovery attempt stalls near $3,050
Ethereum tried to make a comeback earlier today, pushing up from around $2,880. The price actually managed to climb past $2,920 and $2,950, which seemed promising. It even broke through the $3,000 mark for a bit.
But then things turned around. The price hit a high of about $3,040 and just couldn’t get past that $3,050 area. I think sellers were waiting there, ready to push it back down. Now we’re looking at ETH trading below $2,980, and it’s also fallen under the 100-hour moving average.
What’s interesting is that a bullish trend line around $3,000 on the hourly chart got broken. That’s not a great sign for short-term momentum. The price also dipped below the 23.6% Fibonacci retracement level from the recent low of $2,784 to that $3,040 high.
Key levels to watch now
If buyers can keep things above $2,920, maybe we’ll see another attempt higher. The immediate resistance sits at $2,980, then $3,000 becomes important again. If it can actually clear $3,050, then $3,120 comes into view.
But honestly, that feels like a stretch right now. A move above $3,120 might open the door to $3,180 or even $3,200, but we’re getting ahead of ourselves.
The downside risk is real
If Ethereum can’t get back above $3,000, we might see more selling. The first support is at $2,920, then $2,880 becomes crucial. That $2,880 level aligns with the 61.8% Fibonacci retracement from the recent swing.
A break below $2,880 could push ETH toward $2,820. From there, $2,780 might come into play, with $2,740 as a more significant support zone.
Technical indicators leaning bearish
The hourly MACD is gaining momentum in bearish territory, which suggests selling pressure might be building. The RSI is below 50 now, indicating weakening momentum.
Major support sits at $2,880, while resistance is at $3,000. Those are the levels everyone’s watching. The battle between buyers and sellers around these areas will probably determine the next move.
It’s worth remembering that Ethereum often moves with Bitcoin, so what happens with BTC could influence ETH’s direction too. The crypto market feels a bit shaky right now, and ETH’s inability to hold above $3,000 shows there’s still some uncertainty.
Traders seem to be cautious, waiting to see if support holds or if we get another leg down. The next few hours could be telling.
