Amid market volatility in the cryptocurrency space, Ethereum investors are facing uncertainties due to recent price drops. The decline in Ethereum's price has raised concerns among investors, unsure whether this trend will continue.

Ethereum's price has dropped below the crucial $3,320 support level, now trading under $3,400 and the 100-hour Simple Moving Average. This decline has triggered alarm bells in the market.

On the hourly chart of Altcoin Ethereum, a notable downward trend line is forming around the $3,320 resistance level. Breaking above this resistance could potentially signal a new upward trend for Ethereum, allowing it to test resistance at $3,500 and beyond.

If Ethereum fails to break the critical $3,320 resistance, there is a possibility of further downward movement. The first significant support level is currently near $3,250, with further support levels at $3,220 and $3,120. Breaching these levels could lead Ethereum towards $3,040 and potentially even $3,000.

Technical indicators such as the hourly MACD and RSI are signaling bearish momentum for ETH/USD. The main support and resistance levels to watch are $3,220 and $3,320, respectively. Investors should stay cautious during this critical period and closely monitor Ethereum's price movements to determine the future trajectory.