Ethereum Fails to Hold $3,000 — Bears Push ETH Toward $2,880 and Lower

Ethereum has lost upward momentum after failing to sustain a break above the crucial $3,000 pivot. The recent price action shows clear bearish signs, with ETH sliding below short-term supports and the 100-hour Simple Moving Average, increasing the likelihood of further declines toward the $2,880 region and potentially below.

On the hourly chart of ETH/USD (data feed via Company Kraken), the price broke down from a rising channel whose support sat near $2,980. That breakdown was followed by a move below the 50% Fibonacci retracement level of the short-term rally from the $2,775 swing low to the $3,075 high, confirming increasing bearish pressure. The pair is now trading decisively under $2,980 and the 100-hour SMA, a signal that short-term momentum favors sellers.

Immediate technical picture: The first notable support lies at the $2,880 area, coinciding with the 61.8% Fib retracement of the same upward move. A break below $2,880 would expose the next major support at approximately $2,845, and if that gives way, $2,800 and then the $2,775 region could be targets for additional selling. The next significant horizontal support below is near $2,720, which would represent a deeper retracement of the prior uptrend.

On the upside, any successful reclaim of $2,980 would offer the bulls an initial foothold, but the key resistance to reverse the bias remains at $3,000. A clear move above $3,050 could open the path toward $3,120 and potentially $3,200–$3,220 in a stronger bullish scenario. For now, however, the failure at $3,000 and the break beneath the rising channel keep the momentum tilted toward downside continuation.

Indicators: Hourly MACD is gaining momentum in the bearish zone, underscoring increasing selling pressure. The hourly RSI is below the 50 midpoint, indicating diminished bullish conviction and room for more downside before hitting oversold territory. Traders should monitor whether MACD divergence or RSI stabilization occurs near the $2,880–$2,845 supports to anticipate a potential short-term reversal.

Trading considerations: For traders and risk managers, this setup argues for cautious positioning. Short-term bears may look for continuation entries on retests of broken support near $2,980, targeting $2,880 then $2,845. Bulls should await a confirmed break and close above $3,050 before considering aggressive long exposures. Position sizing, stop placement, and liquidity around the mentioned pivot zones are critical given the intraday volatility.

Market context: The current pullback in ETH mirrors broader risk-off reactions seen across major crypto markets, including correlation with Bitcoin's recent behavior. Watch for intraday catalysts such as macro news, liquidity events, or exchange-specific order flow that could accelerate moves. Price action around the highlighted levels will determine whether this is a deeper correction or merely a consolidation before a renewed attempt to breach $3,200.

Conclusion: Ethereum's technical structure has shifted short-term toward bearish control after rejection at $3,000 and a channel breakdown. Key support to defend is $2,880; failure there could open the path to $2,845 and $2,800. Conversely, overcoming $3,050 would be needed to restore bullish momentum and target higher resistances near $3,120 and $3,200.