The price of Ethereum (ETH) has encountered significant resistance at the $3,000 level, leading to a potential short-term decline. The $3,000 region is also the 200-day moving average, reinforcing its strength as a resistance level. The likelihood of rejection is high, which could result in a further bearish move. On the 4-hour timeframe, ETH's recent bullish retracement is approaching a key resistance zone, which historically acts as a strong resistance level. The recent Bybit hack has also raised concerns, with funding rates experiencing a sharp decline, indicating heightened selling pressure. If this trend continues, further declines could follow, with the $2,500 level being the next major support.



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