Ethereum’s recovery attempt stalls below $3,050
Ethereum tried to bounce back from the $2,880 area, but the recovery didn’t last. The price managed to climb above $3,000 briefly, hitting around $3,040 before sellers stepped in again. That’s where things turned around.
I think what’s interesting here is how quickly the momentum shifted. The price broke below what looked like a decent support line at $3,000 on the hourly chart. Now it’s trading under $2,980 and below the 100-hour moving average, which isn’t great for short-term sentiment.
Technical levels to watch
The immediate battle seems to be around $2,920. If that holds, maybe we see another attempt at $3,000. But honestly, the resistance at $3,050 looks pretty solid right now. That’s where the last recovery attempt failed.
Looking at the Fibonacci levels, the price has already dropped below the 23.6% retracement of the recent move from $2,784 to $3,040. That suggests the pullback might have more room to go.
Potential downside scenarios
If $2,920 doesn’t hold, the next significant support is around $2,880. That’s also the 61.8% Fibonacci retracement level, which often acts as important support or resistance. Below that, things could get messy.
We might see a test of $2,820, or even $2,780 if selling pressure continues. The absolute worst-case support level mentioned is $2,740, but I think we’re not there yet.
What the indicators show
The technical indicators aren’t painting a pretty picture either. The MACD is gaining momentum in bearish territory, and the RSI has dropped below 50. Both suggest the short-term trend might be turning negative.
But here’s the thing about crypto markets—they can change direction quickly. What looks like a breakdown one hour can reverse the next. The $2,880 to $3,000 range seems to be the key battleground now.
Traders are probably watching how the price behaves around these levels. A clean break above $3,050 could change the narrative, while a drop below $2,880 might confirm a deeper correction. For now, it feels like we’re in a waiting game, seeing which side gains control.
