Ethereum Trades Below $3,000, Sparks Market Alarm

Ethereum (ETH) is currently trading at $2,985.54, down 6.31% in the last 24 hours according to CoinMarketCap, hitting critical lows not seen since earlier this year.

The price failed to sustain above the $3,150 resistance level and has sharply dropped below the $3,000 mark.

This move has sparked concern among traders about potential further downside in the near term, as ETH struggles to regain footing above $3,100.

Following this sharp decline, Ethereum is trading beneath its 100-hour Simple Moving Average, confirming the sustained bearish momentum.

A key bearish trend line at around $3,150 continues to act as strong resistance, preventing recovery attempts above this threshold.

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Resistance Holds, Downside Risks Mount

The decline accelerated after ETH could not hold above $3,150, plunging below $3,000 and forming a low near $2,955.

Attempts to recover have so far stalled near $3,050, and the next major resistance remains at $3,150.

If ETH manages to clear this level, it could face tougher resistance near $3,260 and $3,350.

On the downside, crucial support exists around $2,950, followed by deeper levels at $2,880 and then $2,750. Should prices break below $2,880, Ethereum may test lows near $2,680 or even below $2,650 in the near term.

Technical indicators reinforce the bearish outlook: the MACD is gaining bearish momentum while the RSI has fallen below the neutral 50 zone, indicating selling pressure persists.

Market participants are closely watching these levels as Ethereum faces pressure not only technically but also amid broader crypto market weaknesses and macroeconomic uncertainties.

Given the rejection from key resistance zones and the failure to sustain rebounds above $3,150, traders may brace for additional downside if support breaks fail to hold

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