Ethereum Faces Rejection, Why ETH Could Nosedive Below $3K

Ethereum

Ethereum spiked towards $3,300 but failed to extend gains against the US Dollar. ETH price is correcting gains and there is a risk of a move below $3,030.

Ethereum started a downside correction after it spiked above the $3,270 level.
The price is now trading below $3,100 and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above $3,030 and $3,020 to avoid a downside break in the near term.

Ethereum Price Remains At Risk
Ethereum extended increase above the $3,200 level. ETH even climbed above the $3,250 level and the 100 hourly simple moving average. However, the bulls failed to gain strength above $3,250.
A high was formed near $3,283 and the price started a fresh decline. There was a move below the $3,200 and $3,150 support levels. Besides, there was a break below a major bullish trend line with support near $3,140 on the hourly chart of ETH/USD.
The pair settled below $3,100 and the 100 hourly simple moving average. It even spiked below the $3,030 support. A low is formed near $3,005 and the price is now consolidating losses.
An immediate resistance is near the $3,080 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,283 swing high to $3,005 low. The first major resistance is near the $3,120 level and the 100 hourly SMA.

Source: ETHUSD on TradingView.com
The main resistance is near the $3,150 level. It coincides with the 50% Fib retracement level of the recent decline from the $3,283 swing high to $3,005 low. A successful close above $3,150 might start another increase. In the stated case, the price could surpass the $3,220 and $3,250 levels.
More Losses in ETH?
If ethereum fails to start a fresh increase above $3,120 or $3,150, it could continue to move down. An initial support on the downside is near the $3,030 level.
The next major support is near the $3,000 level. A downside break below the $3,000 level might push the price towards the $2,950 level. The next major support is near the $2,800 level, below which there is a risk of a larger decline.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,150

bitcoin
Bitcoin (BTC) $ 66,493.82
ethereum
Ethereum (ETH) $ 3,252.21
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 610.08
solana
Solana (SOL) $ 157.35
usd-coin
USDC (USDC) $ 0.999992
staked-ether
Lido Staked Ether (STETH) $ 3,252.04
xrp
XRP (XRP) $ 0.546119
dogecoin
Dogecoin (DOGE) $ 0.161609
the-open-network
Toncoin (TON) $ 5.81
cardano
Cardano (ADA) $ 0.498673
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 39.04
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,566.84
polkadot
Polkadot (DOT) $ 7.47
tron
TRON (TRX) $ 0.113475
bitcoin-cash
Bitcoin Cash (BCH) $ 504.63
chainlink
Chainlink (LINK) $ 15.45
near
NEAR Protocol (NEAR) $ 6.96
matic-network
Polygon (MATIC) $ 0.751202
internet-computer
Internet Computer (ICP) $ 14.70
litecoin
Litecoin (LTC) $ 87.16
uniswap
Uniswap (UNI) $ 8.10
leo-token
LEO Token (LEO) $ 5.74
dai
Dai (DAI) $ 1.00
hedera-hashgraph
Hedera (HBAR) $ 0.129521
blockstack
Stacks (STX) $ 2.89
first-digital-usd
First Digital USD (FDUSD) $ 1.00
aptos
Aptos (APT) $ 9.84
ethereum-classic
Ethereum Classic (ETC) $ 27.95
mantle
Mantle (MNT) $ 1.15
crypto-com-chain
Cronos (CRO) $ 0.131854
render-token
Render (RNDR) $ 9.15
filecoin
Filecoin (FIL) $ 6.45
immutable-x
Immutable (IMX) $ 2.39
stellar
Stellar (XLM) $ 0.119355
cosmos
Cosmos Hub (ATOM) $ 8.83
dogwifcoin
dogwifhat (WIF) $ 3.34
okb
OKB (OKB) $ 55.55
pepe
Pepe (PEPE) $ 0.000008
bittensor
Bittensor (TAO) $ 495.98
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,156.35
arbitrum
Arbitrum (ARB) $ 1.18
vechain
VeChain (VET) $ 0.042251
xtcom-token
XT.com (XT) $ 3.05
kaspa
Kaspa (KAS) $ 0.128912
the-graph
The Graph (GRT) $ 0.293226
maker
Maker (MKR) $ 2,988.07
optimism
Optimism (OP) $ 2.56
fetch-ai
Fetch.ai (FET) $ 2.52