Ethereum Price Analysis: Red Market and Potential Decline to $2,800-$2,900

Ethereum's price has declined by 0.1% over the last 24 hours. On the hourly chart, the price is going down after a false breakout of the local resistance of $3,124, with a potential test of the support by tomorrow. On the longer time frame, the rate has not bounced off far from the support of $2,959, with a possible decline to the $2,800-$2,900 zone. Traders should pay attention to the nearest level of $3,004, with a potential move to the $2,800 range.