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05/11/25
52
Ethereum Price Dips Below Key Support Amid Broader Crypto Bearishness
Ethereum has recently experienced a significant decline, dipping below key support levels amidst a larger bearish trend in the cryptocurrency market. The token faltered after failing to sustain upward momentum past $3,650, prompting a further drop. Currently, Ethereum’s price trades below $3,400, with notable struggles to stay above the critical $3,500 level.
The downward movement is characterized by a steady erosion of gains, with the price falling below the 100-hour Simple Moving Average as part of a broader bearish correction. A descending trendline has formed on the hourly chart, establishing resistance around $3,450. If the momentum persists, there is a heightened risk that the price could slide toward $3,200, with initial support expected near $3,250.
The recent decline saw Ethereum plunge below $3,550 and $3,450, accelerating further below $3,350. A low point was registered around $3,058 before a modest retracement occurred from the recent swing high near $3,920. Despite some recovery, the asset remains within a bearish territory, consolidating losses beneath the key resistance levels. Technical analysis indicates potential hurdles at $3,350, with the next significant resistance near $3,480, corresponding to the 50% Fibonacci retracement of the recent decline.
A break above $3,500 could ease the bearish outlook, opening the door to potential advances toward $3,550 and, subsequently, $3,750 or higher. Conversely, failure to surpass $3,500 could lead to further declines, with support levels around $3,250 and $3,200. A decline below $3,200 might push the price toward $3,120 or even as low as $3,050, with critical support identified at $3,020 and $3,000.
Market momentum indicators reflect the fragile state of Ethereum, with the MACD losing bullish strength and the RSI falling below the midpoint of 50, indicating waning buying interest. Overall, the technical landscape remains bearish unless there is a decisive move above key resistance levels.
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