"Ethereum, Faces Resistance at 3000 dollars and Adjusts…Short-term Bearish Signal"

Ethereum (ETH) price failed to hold 3000 dollars and turned lower. Short-term technical indicators show strengthened bearish signals, raising the possibility of further adjustment.

According to a NewsBTC report on the 24th (local time), Ethereum price fell below 3000 dollars and 2980 dollars in succession and entered a downward trend. Ethereum is currently trading below 2950 dollars, and the 100-hour simple moving average line has also been breached to the downside.

Technically, it fell below the 50% Fibonacci retracement level of the upward range from the 2775-dollar low to the 3075-dollar high. On the hourly chart, the rising channel that had been supported at 2980 dollars has collapsed, leading to an assessment that it has entered a short-term bearish phase.

For a short-term rebound, defending the 2880-dollar area is key. If this zone holds, a technical rebound could be attempted, but even on any rise strong resistance is expected around the 2980-dollar and 3000-dollar areas. Only a clear breakout above 3050 dollars would open the possibility of re-entering the 3120-dollar and 3200-dollar ranges.

Conversely, failure to recover 3000 dollars could lead to continued downward pressure. On the downside, 2880 dollars acts as the first support level, and if breached the adjustment range could widen to the 2845-dollar and 2800-dollar levels. If weakness continues, the next major supports are 2775 dollars and 2720 dollars.

Technical indicators also support the bearish trend. On the hourly chart, the moving average convergence divergence (MACD) is gaining momentum in the downtrend, and the relative strength index (RSI) has fallen below its baseline of 50. In the short term, the assessment is that selling remains dominant.