Ethereum (ETH) recently struggled to maintain levels above $3,000, testing a low of $2,870 before attempting a rebound. The cryptocurrency now faces resistance near $3,100, where a key bearish trend line has formed on the hourly chart, alongside the 100-hourly Simple Moving Average.

Price Action and Resistance Levels
After failing to sustain above $3,050, ETH entered a bearish phase, dipping below $3,000 and briefly trading under $2,950. The current recovery has seen a move above the 50% Fibonacci retracement of the decline from the $3,165 swing high to the $2,870 low. Despite this rebound, resistance remains strong near $3,050 and $3,100. A clear break above $3,150 could open the path to $3,200 and potentially higher toward $3,320–$3,350.

Support Levels and Downside Risks
If ETH fails to surpass $3,100, a fresh decline may occur. Immediate support sits at $3,000, with the next major levels near $2,940 and $2,880. A further drop could push the price toward $2,820, followed by $2,750–$2,740, forming critical floors for market participants.

Technical Indicators

• Hourly MACD: Losing momentum in the bearish zone
• Hourly RSI: Currently above the 50 zone
• Major Support: $3,000
• Major Resistance: $3,100

Ethereum’s short-term direction hinges on whether it can break above $3,100 resistance or resume its downward trajectory toward key support zones.