Ethereum broke below a bullish trend line with support at $3,220 on the hourly chart and is now testing the $3,180 level after failing to hold above $3,300.
What Happened: ETH Slides Below Key Support
The second-largest cryptocurrency by market capitalization declined below $3,280 and $3,250 to enter bearish territory. The price also fell beneath the 100-hourly Simple Moving Average.
ETH dropped past the 50% Fibonacci retracement level of the recent move from the $3,060 swing low to the $3,402 high.
The token is now consolidating around the $3,180 zone, which coincides with the 61.8% Fibonacci retracement level. Immediate resistance sits at $3,230, with the next key levels at $3,250 and $3,280.
Also Read: Dash Retreats From $96 Peak As Short Sellers Gain Upper Hand
Why It Matters: Critical Support Test
Technical indicators suggest mounting pressure on the downside. The hourly MACD is losing momentum in bearish territory, while the RSI has fallen below the 50 zone.
If bulls fail to defend the $3,180 support, the price could slide toward $3,120 and potentially $3,050.
The $3,000 level represents major support.
A sustained move above $3,280 would be needed to shift momentum, potentially opening a path toward $3,320 and the $3,400 resistance zone.
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