Ethereum Slips Below $2,865 — Bears Hold Key Levels, Recovery Hinge at $2,920

Ethereum extended losses and traded below the $2,865 zone, consolidating pressure after a failed attempt to stay above $2,950. The market shows a near-term bearish bias with price action remaining under the 100-hour Simple Moving Average, while a clear bearish trend line offers resistance near $2,920 on the hourly chart of ETH/USD (data feed via Company Kraken).

After an initial breakdown under $2,880 and $2,865, sellers pushed ETH below $2,840, briefly testing the $2,800 area. Price is currently consolidating near that zone, with a minor corrective bounce stalled beneath the 23.6% Fib retracement of the recent swing from $3,067 down to $2,784. The immediate outlook hinges on whether bulls can defend the $2,800 support and build momentum above the $2,920 trend-line resistance. A decisive move above $3,000 would invalidate the short-term bearish case and could open a path back to $3,065 and higher toward $3,120–$3,150.

On the downside, failure to reclaim $2,920 could precipitate additional losses. Initial support sits near $2,840, with a more significant floor around $2,800. A confirmed break below $2,800 opens targets at $2,780 and then the $2,720 region, with the primary support level identified at $2,650. Traders should watch these levels closely for confirmation of trend continuation or reversal.

Technical indicators are consistent with the bearish near-term view: the hourly MACD shows waning momentum in the bearish zone, while the hourly RSI remains below the 50 midpoint, signaling limited bullish conviction. These readings suggest that any recovery attempts may struggle until buyers can convincingly clear the $2,920-$3,000 band.

For trend-following traders, a clear close above $3,000 — and ideally above the recent swing at $3,065 — would be the first technical sign of a larger recovery. Conversely, momentum traders should monitor for a clean break and close below $2,800 to consider short-biased setups, with a protective stop above $2,840 to manage risk. As always, traders should factor in market liquidity and potential macro drivers, and consider cross-asset moves in Bitcoin which has historically correlated with ether in strong directional moves.

In summary, Ethereum sits in a precarious position: bulls need to defend $2,800 and clear the $2,920 resistance to target $3,000+, while failure to hold $2,800 may send the pair lower toward $2,650 over time. Monitor the hourly MACD and RSI for early signs of momentum shift and use the specified support/resistance levels for trade planning.