The cryptocurrency market's ongoing uncertainty has taken a toll on Ethereum's value, causing investor anxiety as it tests critical support levels. Ethereum's price has struggled to stay above $3,000, and its recent dip below this level has raised concerns about a potential downward trend.

Ethereum's price has been in a downward spiral, trading below $3,050 and the 100-hour Simple Moving Average. The hourly chart of the ETH/USD pair shows a significant downward trend below the $2,980 resistance level, indicating a challenging period for Ethereum. The biggest resistance level is currently at $3,010, but the critical level to watch is $3,030. Surpassing this level could create positive momentum and push Ethereum's price upward.

However, if Ethereum fails to surpass the $3,030 resistance, it could enter a downward trend, with the first support level on the downside at around $2,965. If it falls below this level, the price could retreat to the $2,940 region, followed by a potential pullback to the $2,720 levels. In the worst-case scenario, Ethereum could drop to the $2,650 levels in the near term. Technical analyses, including the MACD and RSI indicators, confirm these concerns, showing a loss of momentum and a trend below the 50 level.

Investors should closely monitor the main support level of $2,940 and the critical resistance level of $3,030 to prepare for potential price movements. Overcoming the $3,030 level could signal a recovery, while falling below $2,940 could lead to further declines.