Ethereum Nosedives, Indicators Show Signs of Larger Downtrend

Ethereum

Ethereum extended decline below the $3,000 support zone against the US Dollar. ETH price could extend losses towards the $2,650 support in the near term.

Ethereum extended decline below the $3,050 and $3,000 support levels.
The price is trading below $3,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if there is a clear move below the $2,800 support zone.

Ethereum Price Dives 8%
Ethereum failed to gain strength above the $3,250 level and started a major decline. ETH formed a high near $3,272 before there was a major decline.
There was a sharp move below the $3,120 and $3,050 support levels. Besides, there was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD. Ether price even settled below the $3,000 level and the 100 hourly simple moving average.
The price spiked below the $2,900 level and traded as low as $2,808. It is now consolidating losses above the $2,800 level. An initial resistance is near the $2,900 zone. It is close to the 23.6% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.
The first major resistance is near the $3,000 level or the 50% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.

Source: ETHUSD on TradingView.com
If there is an upside break above $3,000 resistance, zone, the price could rise towards the 100 hourly simple moving average. The next major resistance is near the $3,200 level.
More Losses in ETH?
If ethereum fails to start a recovery wave above the $2,900 level, it could continue to move down. An initial support on the downside is near the $2,820 level.
The first key support is now forming near the $2,800 level. A downside break below the $2,800 level might start another strong decline. The next major support for the bulls may perhaps be near the $2,650 zone. Any more losses could push the price towards the $2,500 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now in the oversold zone.
Major Support Level – $2,800
Major Resistance Level – $3,000

bitcoin
Bitcoin (BTC) $ 66,342.78
ethereum
Ethereum (ETH) $ 3,250.17
tether
Tether (USDT) $ 0.999964
bnb
BNB (BNB) $ 611.76
solana
Solana (SOL) $ 157.05
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,250.63
xrp
XRP (XRP) $ 0.544531
dogecoin
Dogecoin (DOGE) $ 0.160921
the-open-network
Toncoin (TON) $ 5.78
cardano
Cardano (ADA) $ 0.495935
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 39.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,439.80
polkadot
Polkadot (DOT) $ 7.44
tron
TRON (TRX) $ 0.113385
bitcoin-cash
Bitcoin Cash (BCH) $ 504.30
chainlink
Chainlink (LINK) $ 15.44
near
NEAR Protocol (NEAR) $ 7.01
matic-network
Polygon (MATIC) $ 0.754006
internet-computer
Internet Computer (ICP) $ 14.66
litecoin
Litecoin (LTC) $ 87.46
uniswap
Uniswap (UNI) $ 8.07
leo-token
LEO Token (LEO) $ 5.73
dai
Dai (DAI) $ 0.999775
hedera-hashgraph
Hedera (HBAR) $ 0.124573
first-digital-usd
First Digital USD (FDUSD) $ 1.00
blockstack
Stacks (STX) $ 2.88
aptos
Aptos (APT) $ 9.81
ethereum-classic
Ethereum Classic (ETC) $ 27.91
mantle
Mantle (MNT) $ 1.15
render-token
Render (RNDR) $ 9.16
crypto-com-chain
Cronos (CRO) $ 0.131791
filecoin
Filecoin (FIL) $ 6.45
immutable-x
Immutable (IMX) $ 2.38
stellar
Stellar (XLM) $ 0.119458
cosmos
Cosmos Hub (ATOM) $ 8.84
okb
OKB (OKB) $ 55.43
dogwifcoin
dogwifhat (WIF) $ 3.31
bittensor
Bittensor (TAO) $ 494.88
pepe
Pepe (PEPE) $ 0.000008
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,158.03
arbitrum
Arbitrum (ARB) $ 1.18
vechain
VeChain (VET) $ 0.042135
xtcom-token
XT.com (XT) $ 3.05
kaspa
Kaspa (KAS) $ 0.128797
the-graph
The Graph (GRT) $ 0.292874
maker
Maker (MKR) $ 2,991.01
optimism
Optimism (OP) $ 2.57
fetch-ai
Fetch.ai (FET) $ 2.53