Ethereum Price Plunges Below $3,000 Amid Bearish Technical Indicators

Ethereum's price has dropped below $3,000, signaling potential further declines if bulls fail to defend the $2,880 threshold. The cryptocurrency broke below $2,980, entering bearish territory and falling through key technical indicators.

The price fell through the 50% Fibonacci retracement level of the upward move from $2,775 to $3,075, and also gave way to a rising channel with support at $2,980. Ethereum is now trading below $2,980 and the 100-hourly Simple Moving Average.

Immediate resistance sits near $2,980, but failure to reclaim $3,000 could trigger additional selling pressure. Initial support on the downside sits near $2,880 and the 61.8% Fibonacci retracement level from the recent swing low to high.