• Ethereum dropped below $3,120 after failing to hold $3,180 and is still trading under $3,200 and the 100-hour Simple Moving Average.

• A low printed at $3,026, with ETH now attempting to claw back losses, but a bearish trend line near $3,175 is capping rebounds on the hourly chart.

• Bulls likely need a clean break above $3,200 to shift the tone toward recovery; otherwise, a slip below $3,050 could drag ETH back toward $3,000 and potentially $2,940.

Ethereum (ETH) is drifting lower again, and the market is starting to treat $3,000 like the “do we panic or do we bounce?” line. After rolling over from the $3,250 area, ETH slipped under $3,120 and briefly tagged $3,026 before trying to stabilize. The bounce attempt has started, but it’s happening under resistance — which is why this looks less like a clean recovery and more like a test of whether sellers are finished… or just reloading.

ETH dips toward $3,000, then tries to stabilize

The latest leg down began when ETH couldn’t stay above $3,180 and turned lower in sync with Bitcoin. Price slid through $3,150 and $3,120, pushing ETH into a short-term bearish stretch.

Sellers took it close to the round-number magnet at $3,000, printing a low at $3,026. From there, ETH began to recover modestly and managed to climb above the 23.6% Fibonacci retracement of the drop from the $3,273 swing high to the $3,026 low.

Even with that bounce, the structure is still heavy:

• ETH is trading below $3,200, and

• It remains below the 100-hour SMA, which keeps short-term trend pressure pointing down.

To make things more annoying for bulls, there’s a connecting bearish trend line on the hourly ETH/USD chart (Kraken feed) with resistance around $3,175 — meaning rebounds are likely to run into sell orders before they look “comfortable.”

Resistance ladder: $3,150 → $3,175 → $3,200

If ETH tries to extend the rebound, the market has a pretty clear set of hurdles:

• First, resistance sits near $3,150, which also lines up with the 50% Fib retracement of the move from $3,273 down to $3,026.

• Next is the $3,180 zone and the bearish trend line near $3,175.

• The real “flip the script” level is $3,200.

A clean move above $3,200 would be the first sign that ETH is transitioning from “relief bounce” to “recovery wave.” If that happens, upside targets open up toward $3,250, and if ETH can clear $3,250 convincingly, the next zones to watch are $3,320 and potentially $3,400 in the near term.

But until $3,200 breaks, every rally is still living on borrowed time.

Downside risk: $3,050 is the trapdoor

If ETH can’t reclaim $3,200 and sellers push again, support levels come into focus fast.

• Initial support sits near $3,080.

• The first major support is $3,050.

A clear break below $3,050 would put ETH back on a direct path toward $3,020, then the psychological $3,000 zone. If $3,000 doesn’t hold, the next meaningful support is $2,940.

So yes — $3,000 is the battleground, but $3,050 is the level that decides whether ETH is merely wobbling or about to retest the lows with conviction.

Indicators say “bounce,” price action says “prove it”

Interestingly, the short-term indicators are starting to improve:

• Hourly MACD is gaining momentum in the bullish zone.

• Hourly RSI is above 50, suggesting buyers have regained some intraday control.

That’s the good news. The less-good news is that indicators can look supportive while price is still pinned under the $3,175–$3,200 ceiling. In other words, ETH may be bouncing — but it hasn’t escaped.