Ethereum, poor thing, couldn’t stay above the $3,000 mark and took a plunge to $2,870. Now, it’s back to the grind, trying to climb, but oops, there’s a pesky resistance at $3,100!
- Ethereum decided to freshen up its decline after a failed attempt to stay above $3,050.
- It’s now comfortably below $3,100 and the 100-hourly Simple Moving Average. Talk about a lack of ambition.
- A bearish trend line has popped up, creating some drama with resistance at $3,100 on the hourly chart of ETH/USD (Kraken’s watching you!).
- If Ethereum doesn’t manage to hang on above the $3,000 level, brace yourselves-it’s probably going down.
Ethereum Faces Hurdles (Again…)
Ethereum had a grand vision of surpassing $3,150 but, alas, it started to fall apart-just like Bitcoin. After dipping below $3,050, ETH entered its favorite zone: bearish territory.
The downward spiral gathered momentum as it plummeted below $3,000, reaching a low of $2,870. But hey, no big deal, right? It’s attempting to recover, like that one friend who keeps saying, “I’ll be fine,” even as they trip over their own feet.
The price is now above the 50% Fib retracement level (fancy terms, huh?) from the $3,165 high to the $2,870 low. But the drama doesn’t end there-Ethereum’s still struggling below $3,100 and the 100-hourly Simple Moving Average, which is like the financial equivalent of a flat tire. If it tries to bounce back, resistance near $3,050 and the 61.8% Fib retracement level will probably say, “Nice try, buddy.”
The next big obstacle is at $3,100, where the bears are throwing a party. There’s also a key bearish trend line forming there, making the price’s chances of success as likely as a miracle on Wall Street. The first major resistance sits at $3,150, and if Ethereum manages to muscle past that, it might just make its way to $3,200. Yeah, sure. If it breaks $3,200, we might be talking about $3,320 or $3,350. Who knows, maybe one day it’ll just fly to the moon!
Is Another Drop Coming for ETH? Oh, You Bet!
If Ethereum can’t clear the $3,100 resistance, it’s probably going to fall again. Initial support seems to be hanging out around $3,000-though honestly, that’s like the bottom of a very deep well. The first major support zone is at $2,940, and if it slips below that, it’s time to start looking for a parachute.
Once the price drops below $2,940, we’re heading for $2,880. Any more losses and the downward spiral could hit $2,820. Let’s not even mention the $2,750 and $2,740 levels-those are just where dreams die, I guess.
Technical Indicators (Because Who Doesn’t Love Technical Terms?)
Hourly MACD – The MACD for ETH/USD is losing its cool in the bearish zone. Not a good look.
Hourly RSI – The RSI for ETH/USD is hanging above 50, trying to stay optimistic. But let’s face it, it’s a tough crowd.
Major Support Level – $3,000 (please, Ethereum, hang on!)
Major Resistance Level – $3,100 (good luck with that one!)
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2025-11-20 06:25