Ah, Ethereum. Just when we thought it might pull itself together, it slips beneath the $3,250 mark and drags us all down with it. Now it’s down over 5%, probably contemplating its life choices and whether it’s worth trying to bounce back above $3,250 anytime soon. Spoiler alert: it might not.
- Ethereum decided to start a new chapter in its sad decline, immediately after failing to hold above $3,200. How predictable.
- It’s now sulking below $3,200 and even the 100-hourly Simple Moving Average seems to have abandoned it. Ouch.
- Oh, and there’s this lovely bearish trend line forming at $3,160 on the hourly chart. How charming. (Data courtesy of Kraken, as usual.)
- If Ethereum doesn’t get its act together soon and stays below the $3,000 mark, we might witness a truly tragic decline.
Ethereum’s Pitiful Plunge Continues
Ethereum couldn’t even stay above $3,350 for a decent amount of time. Now, like Bitcoin, it’s descending into the abyss. After dipping below $3,200, it’s officially in bearish territory. Oh, how the mighty have fallen.
The downward spiral gathered speed once it hit below $3,150, and by the time it dipped below $3,050, we all started to wonder if this was the end. The low was recorded at $3,003, a number that seems to sum up Ethereum’s mood right now. But fear not! It’s now attempting a tiny recovery, which probably won’t last long.
At this point, Ethereum is dancing below $3,200 and the 100-hourly Simple Moving Average, which is a clear sign that it’s not feeling optimistic. A potential recovery wave could struggle against resistance at the $3,160 level, thanks to that charming bearish trend line lurking around. If it manages to push through, there’s still hope at $3,280-though that might be asking a bit much.
The first sign of a possible recovery? It would be a move above $3,350. If that happens, we might see $3,450, and dare we hope, $3,500 or even $3,550? But don’t get too excited, we all know how this story goes.
More Losses for Ethereum? Brace Yourself
If Ethereum doesn’t manage to clear that pesky $3,280 resistance, we could be in for more misery. The next line of defense is at $3,050, but don’t get too attached to it. The first major support sits at $3,000, which is really starting to feel like the new home for Ethereum at this point.
Should Ethereum fall below $3,000, things could get uglier. We’re talking a potential drop to $2,880, or even worse, down to $2,750. But don’t worry, there’s always the hope of $2,640 and $2,620 to save it from total collapse. Or maybe not.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is getting more and more comfortable in the bearish zone. It’s practically making itself at home.
Hourly RSI – The RSI is sitting below the 50 zone, as if to remind us that all is not well.
Major Support Level – $3,050. It’s the last refuge before everything goes downhill.
Major Resistance Level – $3,280. Will it break through? Probably not, but hope springs eternal, I guess.
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2025-11-17 06:31