Ethereum (ETH) Struggles to Reach $3,000, Is it Bullish or Bearish?

Jakarta, Pintu News -Ethereum(ETH) has recently declined from the $3,000 resistance and is currently trying to recover. If it manages to break $3,120, a potential price recovery could occur.

Ethereum (ETH) Market Conditions

Ethereum (ETH) failed to maintain its position above $3,050 and experienced a sharp decline, similar to Bitcoin (BTC). Ethereum (ETH) price dropped below $3,020 and $3,000, entering the bearish zone. This decline continued until the price bottomed out at $2,865, before finally consolidating the losses. There was a slight rise above the 23.6% Fibonacci retracement level of the last downward move from $3,366 to $2,865.

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Ethereum (ETH) Price Recovery Efforts

After the decline, Ethereum (ETH) tried to recover by breaking a major bearish trend line with resistance at $3,000 on the ETH/USD hourly chart. Despite this, Ethereum (ETH) is still trading below $3,050 and the 100-hour simple moving average. If the bulls can prevent a further drop below $2,900, there is a chance that the price will try to rise again.

Immediate resistance is near the $3,065 level. The first key resistance is near $3,100, with the next major resistance near $3,120, which is also the 50% Fibonacci retracement level of the last drop. If Ethereum (ETH) manages to break the $3,120 resistance, the price could move towards $3,175.

Potential for Continued Decline

If Ethereum (ETH) is unable to break the $3,065 resistance, the price may experience a fresh decline. Initial support is near the $2,980 level, with the next major support in the $2,900 zone. If the price moves below the $2,900 support, this could push Ethereum (ETH) towards support at $2,840. A further drop could direct the price towards $2,780, with the next major support at $2,720.

Technical Indicators

The hourly Moving Average Convergence Divergence (MACD) indicator for Ethereum (ETH) is showing a loss of momentum in the bearish zone. Meanwhile, the hourly Relative Strength Index (RSI) for Ethereum (ETH) is now above the 50 zone. This suggests that there could be more buying pressure emerging if Ethereum (ETH) can maintain this momentum.

Conclusion

The current price dynamics of Ethereum (ETH) indicates a fight between bulls and bears in the market. The key to price recovery is Ethereum’s (ETH) ability to break and hold above critical resistance levels. Investors and traders should keep an eye on technical indicators and key support levels in anticipation of the next price move.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Ethereum Price Attempts to Bounce at $3K. Accessed on January 23, 2026