Ethereum Dives Below $3K, Can The Bulls Save Day?

Ethereum

Ethereum started a sharp decline from $3,180 against the US Dollar. ETH bulls must protect the $2,950 support to avoid a trend change in the near term.

Ethereum failed to gain strength above $3,150 and started a fresh decline.
The price is now trading above $3,030 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,950 support to avoid more downsides in the near term.

Ethereum Price Dips
Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to gain strength above the $3,150 level and formed a short-term top near $3,180.
A high was formed at $3,179 and the price started a sharp decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD.
Ether price declined below the 50% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. The price even tested the $2,950 support zone.
It seems like the bulls are defending the 76.4% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. On the upside, an initial resistance is seen near the $3,020 level. The next major resistance is near the $3,030 level.

Source: ETHUSD on TradingView.com
The main resistance now sits near $3,060 and the 100 hourly simple moving average. A close above the $3,060 level might start a fresh rise in the near term. In the stated case, ether might climb towards the $3,150 level.
More Downsides in ETH?
If ethereum fails to gain pace above the $3,030 level, it could continue to move down. An initial support on the downside is near the $2,970 zone.
The first major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could accelerate lower. The next key support is near the $2,880 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,950
Major Resistance Level – $3,060

bitcoin
Bitcoin (BTC) $ 66,257.75
ethereum
Ethereum (ETH) $ 3,604.98
tether
Tether (USDT) $ 0.999676
bnb
BNB (BNB) $ 605.76
solana
Solana (SOL) $ 139.88
staked-ether
Lido Staked Ether (STETH) $ 3,605.48
usd-coin
USDC (USDC) $ 0.999442
xrp
XRP (XRP) $ 0.500329
dogecoin
Dogecoin (DOGE) $ 0.127458
the-open-network
Toncoin (TON) $ 7.24
cardano
Cardano (ADA) $ 0.394729
avalanche-2
Avalanche (AVAX) $ 28.58
shiba-inu
Shiba Inu (SHIB) $ 0.000019
tron
TRON (TRX) $ 0.116694
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,282.76
chainlink
Chainlink (LINK) $ 14.69
polkadot
Polkadot (DOT) $ 5.93
bitcoin-cash
Bitcoin Cash (BCH) $ 398.28
uniswap
Uniswap (UNI) $ 10.20
near
NEAR Protocol (NEAR) $ 5.42
wrapped-eeth
Wrapped eETH (WEETH) $ 3,750.49
litecoin
Litecoin (LTC) $ 75.22
matic-network
Polygon (MATIC) $ 0.593118
leo-token
LEO Token (LEO) $ 5.70
dai
Dai (DAI) $ 0.999448
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.65
internet-computer
Internet Computer (ICP) $ 8.69
ethereum-classic
Ethereum Classic (ETC) $ 24.69
kaspa
Kaspa (KAS) $ 0.150709
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,601.52
ethena-usde
Ethena USDe (USDE) $ 0.999733
aptos
Aptos (APT) $ 7.09
render-token
Render (RNDR) $ 8.19
monero
Monero (XMR) $ 168.78
hedera-hashgraph
Hedera (HBAR) $ 0.084402
stellar
Stellar (XLM) $ 0.095250
cosmos
Cosmos Hub (ATOM) $ 7.06
mantle
Mantle (MNT) $ 0.845584
arbitrum
Arbitrum (ARB) $ 0.842491
filecoin
Filecoin (FIL) $ 4.58
okb
OKB (OKB) $ 43.19
crypto-com-chain
Cronos (CRO) $ 0.095333
blockstack
Stacks (STX) $ 1.74
immutable-x
Immutable (IMX) $ 1.64
first-digital-usd
First Digital USD (FDUSD) $ 1.00
maker
Maker (MKR) $ 2,463.98
injective-protocol
Injective (INJ) $ 22.80
optimism
Optimism (OP) $ 1.99
vechain
VeChain (VET) $ 0.027400