Ethereum's (CRYPTO:ETH) price has fallen below $3,000, remaining in a bearish zone and signaling potential further declines.

The cryptocurrency's price recently dropped 6% to test the $2,820 support level and is now consolidating losses.

Ethereum faces significant resistance at $2,950 and $3,000, with the 100-hourly Simple Moving Average adding pressure.

If a recovery wave occurs, the price might struggle to break these resistance levels. Failure to clear the $2,950 resistance could push Ethereum's price down to $2,720 or even $2,650.

Technical indicators like the MACD and RSI also suggest continued bearish momentum for Ethereum.