Ethereum’s rebound ran out of steam near $3,050, and the token has slipped back into a fragile range — now facing pressure under the 100-hour simple moving average and the $2,950 mark. After a brief climb above $3,000, ETH collapsed to a low of $2,907 and is currently consolidating, leaving traders watching a short-term contracting triangle on the hourly chart (Kraken data) with key resistance around $2,930.
What happened
- Bulls pushed ETH above $3,000 and as high as $3,053, but selling pressure quickly reasserted itself.
- The subsequent drop sliced through $3,000, $2,980 and $2,950, bottoming at $2,907.
- Price is now stuck below the 23.6% Fibonacci retracement of the $3,053→$2,907 decline and trading beneath the 100-hour SMA.
Key levels to watch
- Immediate resistance: $2,930 (triangle resistance) and $2,955 (first key resistance).
- Near-term upside barriers: $2,980 (50% Fib) and the psychological $3,000; a clean break above $3,000 could target $3,050 and then $3,120.
- Immediate support: $2,900.
- Critical downside levels: $2,880 (first major support). A decisive break below $2,880 could open the way to $2,840, then $2,800, with $2,720 the next key support.
Technical read
- Hourly MACD: showing growing bearish momentum.
- Hourly RSI: below 50, signaling that sellers have the edge for now.
Bottom line
Ethereum’s failed attempt to hold above $3,000 leaves it vulnerable to further downside unless bulls can reclaim $2,950–$2,980 and push through $3,000. A breach below $2,880 would likely accelerate the pullback toward the $2,800 zone. Traders should watch the contracting triangle and the 100-hour SMA for clues on the next directional move.
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