Ethereum (ETH) has broken below a bullish trend line with support previously identified at $3,220 on the hourly chart. The cryptocurrency is now testing the $3,180 level after failing to maintain its position above $3,300.
ETH Slides Below Key Support
The second-largest cryptocurrency by market capitalization has declined below critical levels, including $3,280 and $3,250, entering bearish territory. Furthermore, the price has fallen beneath the 100-hourly Simple Moving Average.
ETH's price drop also surpassed the 50% Fibonacci retracement level of its recent move, which ranged from a swing low of $3,060 to a high of $3,402.
Currently, the token is consolidating around the $3,180 zone, a level that aligns with the 61.8% Fibonacci retracement. Immediate resistance is observed at $3,230, with subsequent key levels of resistance at $3,250 and $3,280.
Critical Support Test
Technical indicators are signaling increasing downside pressure. The hourly MACD is showing a loss of momentum within bearish territory, and the Relative Strength Index (RSI) has fallen below the 50 zone.
Should bulls be unable to defend the $3,180 support level, the price could potentially slide further toward $3,120 and possibly reach $3,050.
The $3,000 level is identified as a significant support area.
A sustained upward movement above $3,280 would be necessary to shift the current momentum. Such a move could open a path toward $3,320 and the resistance zone around $3,400.