Ethereum’s Price Faces $3,000 Risk Amid Bearish Pressure

Bearish Indicators on the Chart

Market analysis sends an ominous sign for Ethereum. The ETH/USD is hinting at the possible formation of a death cross on the MACD indicator. At the moment, the MACD line is looking set to slide below the signal line, a classic indication of bearish momentum.

A death cross in the MACD projects a move toward selling pressure. This occurs when the shorter-term moving average crosses below the longer-term one, and this typically results in a downward spiral. The technical signal here indicated a further correction in the trend of ETH.

Adding to the concerns, Ethereum’s Aroon Down indicator has climbed to 78.57%. A higher Aroon Down value points to strengthening bearish momentum, which could further accelerate ETH’s decline.

Key Price Levels to Watch

At the moment, Ethereum changes hands at $3,333, marginally above the critical support zone of $3,203. If this level is insufficient, ETH will slip under $3,000 and perhaps dive to $2,970, as shown in the Fibonacci Retracement tool.

On the bright side, renewed buying interest might reverse the current trend. A strong rebound might catapult ETH back toward the $3,500 resistance level and give a ray of hope to bullish traders.

As bearish signals mount, traders will take every step that Ethereum will take. For its ability to continue holding above the $3,000 mark could set a tone for the virtual currency’s immediate future.