Ethereum Plunges Below $3,000, Navigates Bearish Territory Amid Selloff

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In the dynamic world of cryptocurrency, Ethereum, often likened to a running bull, now finds itself locked in a bearish stronghold. Trapped beneath the intimidating $3,250 zone, Ethereum’s price slides further, plummeting past the $3,000 checkpoint, and is currently flirting with the precarious $2,850 territory.

This discord started when Ethereum took a nosedive, dipping past both the $3,120 and $3,000 thresholds. Currently, it is caught in a precarious dance well below the $3,000 mark, skirting the edges of the critical 100-hourly Simple Moving Average. Its downward trajectory is underscored by a critical bearish trend line that forms a resistance ceiling near the $3,000 zone on the hourly chart of ETH/USD, as provided by Kraken’s data feed.

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Speculations for a corrective rebound are currently emerging among savvy investors. However, these potential gains might find a formidable adversary above the weighty $3,120 region.

Ethereum saw an 8% selloff after its failure to ignite a recovery wave cresting above the $3,150 and $3,200 resistance zones. Following in Bitcoin’s footfalls, it too plunged beneath the primary $3,120 support zone. Making headway deeper into bearish territory, Ethereum continued its descent past $3,050 and $3,000 support markers.

Ethereum bottomed out at $2,862 after the price plummeted 8% and challenged the $2,850 support line. Now, it sustains a consolidation phase, licking its wounds incurred from this bearish hustle. Its declining journey places it well beneath the 23.6% Fib retracement level, calculated from the downward act, originating from a high point swing at $3,425 to a low signpost at $2,860.

Pinned beneath the $3,000 price point and the 100-hourly Simple Moving Average line, Ethereum could look to a hard-fought recovery. Any upswing is likely to feel the heat near the $2,960 resistance line. The real test, however, lies at the $3,000 mark, with the bearish trend line forging a crucial resistance point. It is validated once again near $3,000 on an hourly ETH/USD chart. The next significant obstacle rises at the $3,120 mark, the 50% Fib retracement level calculated between the broad sweep from the $3,425 high to the $2,860 pit.

Breeching the $3,120 ceiling might offer Ether a gateway to the $3,200 resistance level. A breakthrough above this level could set up the next resistance battlefield near $3,250. Tangling with this resistance successfully, Ethereum might reclaim lost terrain, possibly aiming for the $3,350 zone.

However, if Ethereum battles unsuccessfully with the foreboding $3,000 resistance mark, it could continue its downward tailspin. Initial downside support lines up near the dangerous $2,850 mark, with the major support threshold looming close to the $2,800 zone.

A resolute drop beneath the $2,800 mark might force its price towards the $2,720 niche. Deeper altitudes might pull the price towards the $2,650 level in the foreseeable future.

Shifting technical indicators paint a morose picture. The MACD for ETH/USD shows intensifying bearish momentum, while the RSI for ETH/USD has now descended below the midpoint at 50, implying the predominance of selling momentum. In this dynamic saga, towering resistance at $3,000 and reliable support at $2,850 reign supreme.