Ethereum price failed to extend gains above $3,000 and dipped, signaling renewed downside pressure. The token is now trading below $2,950 and the 100-hourly simple moving average after breaking below a rising channel with support at $2,980 on the hourly chart. A move below the $2,880 zone could open the door to further declines.
Immediate resistance sits near the $2,980 level, with the next key resistance around $3,000 and $3,050. A clear move above the $3,050 resistance might send the price toward the $3,120 region, and possibly toward $3,200–$3,220 in the near term if momentum improves. Conversely, if Ethereum fails to clear the $3,000 resistance, it could start a fresh decline, with initial support near $2,880 and the 61.8% Fib retracement of the move from $2,775 to $3,075.
Further downside protection is seen at $2,845, followed by $2,800 and $2,775, with the next key level at $2,720. Technical indicators echo the bearish tilt, with MACD in bearish territory and RSI below 50, reinforcing the near-term downside bias.
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