Ethereum (ETH) recently attempted to break above the key psychological level of $3,000, but bullish momentum is fading. The price is now consolidating near $2,940, and analysts are pointing to potential signals of a short-term correction.
🔹 Rapid Ascent Hits Resistance
ETH followed Bitcoin’s lead in its upward movement and successfully broke through the $2,800 and $2,880 levels. Bulls even pushed the price to a high of $3,081 before the market cooled off. Since then, Ethereum has been consolidating gains and facing selling pressure.
A break below a key ascending trendline around $2,980 on the hourly chart may be a warning sign for the short-term outlook.
🔹 Key Level: $2,900 as a Crucial Support
Ethereum is currently hovering around its 100-hour simple moving average (SMA) near $2,940. If the price manages to bounce higher, it could encounter resistance at $2,980 and again at $3,000.
📈 A successful breakout above this level could push ETH toward $3,040 and eventually test the $3,080 resistance. If momentum remains strong, bulls may target $3,200 to $3,220 in the coming sessions.
🔻 What If Ethereum Fails to Hold $2,900?
On the downside, failure to reclaim $3,000 and a drop below the $2,900 support level could trigger a deeper pullback. The next key support levels lie at $2,800, $2,720, and—if pressure continues—potentially $2,650.
📉 Technical Indicators Show Weakness
🔹 MACD: Moving into the bearish zone, indicating slowing momentum.
🔹 RSI: Currently below the 50 mark, suggesting a weakening bullish trend.
Ethereum is at a critical juncture. If bulls defend the $2,900 level, a renewed rally may follow. Otherwise, a correction toward $2,800 or lower could be on the horizon.
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