🔒💰 Ethereum Price Stuck Near $3K, Indicators Show Risk of Downside Break 💰🔒

Ethereum's journey towards recovery faces significant hurdles as it struggles to breach the $3,200 resistance zone, with indicators suggesting a looming risk of a downside break below key support levels.

📉 Price Movement Overview:

- Ethereum is grappling to regain momentum above the $3,200 resistance zone amidst persistent selling pressure.

- Currently trading below $3,200 and the 100-hourly Simple Moving Average, Ethereum faces an uphill battle to initiate a sustained upward move.

- A crucial bearish trend line is forming with resistance at $3,120 on the hourly chart of ETH/USD, signaling hurdles ahead.

📉 Recent Performance and Potential Scenarios:

Following a dip below the $3,000 support, Ethereum attempted a recovery wave but struggled near the $3,280 resistance. The subsequent decline saw it dip below the 23.6% Fib retracement level from the recent swing low to high.

📈 Potential Upside:

- Immediate resistance lies near $3,100, followed by the key hurdle at $3,200 and the 100-hourly Simple Moving Average.

- A breakthrough above $3,280 could pave the way for a rally towards $3,350 and $3,500, with further bullish momentum targeting $3,620 and $3,750.

📉 Potential Downside:

- Failure to clear the $3,200 resistance may trigger another decline, with initial support at $3,000.

- The $2,900 zone and the 50% Fib retracement level present significant support levels, followed by $2,710 and $2,650.

- A breach below $2,710 could accelerate losses, potentially leading to a test of the $2,550 support.

📊 Technical Indicators and Analysis:

- The MACD for ETH/USD indicates a loss of momentum in the bearish zone, while the hourly RSI is above the 50 level, suggesting a mixed sentiment.

📉💡 Stay tuned for updates as Ethereum navigates critical levels! #Ethereum #CryptoTrading #TechnicalAnalysis 📊🔒$ETH $WBETH