Ethereum Stumbles at $3K Resistance — Is a Major Pullback Imminent?

Ethereum bulls hit a wall as the $3K level proves tougher than a Wall Street banker's conscience.

Key Resistance Holds Firm

The second-largest cryptocurrency failed to maintain momentum above the psychological $3,000 mark, triggering alarm bells among traders. This isn't just another minor rejection—it's the third failed attempt this month to break through what's becoming Ethereum's glass ceiling.

Technical Warning Signs Flash

With trading volume drying up faster than a DeFi project's treasury, the charts show weakening bullish conviction. The RSI has been painting lower highs since June—a classic divergence that often precedes corrections.

What Traders Are Watching Next

All eyes now turn to the $2,750 support level. A clean break below that could send ETH tumbling toward its 200-day moving average near $2,400. But crypto markets have a habit of humiliating both bulls and bears—would anyone really be surprised if some whale suddenly pumped it back to $3,200?

Remember: In crypto, 'correction' is just institutional speak for 'buying opportunity'—until it isn't.

Ethereum Price Rallies Above $3,000

Ethereum price started a fresh increase above the $2,800 zone, like Bitcoin. ETH price gained pace for a move above the $2,880 resistance zone and entered a positive zone.

The bulls even pumped the price above $2,920. Finally, it tested the $3,080 zone. A high was formed at $3,081 and the price is now consolidating gains. There was a MOVE below the 50% Fib retracement level of the upward move from the $2,905 swing low to the $3,081 high.

Besides, there was a break below a key bullish trend line with support at $2,980 on the hourly chart of ETH/USD. ethereum price is now trading near $2,940 and the 100-hourly Simple Moving Average.

On the upside, the price could face resistance NEAR the $2,980 level. The next key resistance is near the $3,000 level. The first major resistance is near the $3,040 level. A clear move above the $3,040 resistance might send the price toward the $3,080 resistance.

An upside break above the $3,080 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,200 resistance zone or even $3,220 in the near term.

Are Downsides Supported In ETH?

If ethereum fails to clear the $3,000 resistance, it could start a downside correction. Initial support on the downside is near the $2,940 level and the 76.4% Fib retracement level of the upward move from the $2,905 swing low to the $3,081 high. The first major support sits near the $2,900 zone.

A clear move below the $2,900 support might push the price toward the $2,800 support. Any more losses might send the price toward the $2,720 support level in the near term. The next key support sits at $2,650.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,900

Major Resistance Level – $3,000