Ethereum's price is experiencing a downside correction from the $3,450 zone, consolidating and encountering obstacles at the $3,250 resistance. The price remains above $3,120 and the 100-hourly Simple Moving Average, with a bearish trend line forming resistance at $3,240 on the ETH/USD hourly chart.
Ethereum price increased above $3,120 resistance, surging past $3,220 and $3,320 to reach a monthly high of $3,445. After minor pullbacks below $3,320 and $3,250, it is consolidating above $3,120. Facing hurdles near $3,230 or the 50% Fib level of the decline, resistance lies at $3,240.
Major resistance forms near $3,320; breaking above could lead to gains toward the $3,450 resistance, possibly rising to $3,550. If unable to clear $3,250 resistance, downward correction may begin with initial support near $3,150 and $3,120. A clear drop below $3,120 could see prices toward $3,000 and $2,880.
The hourly MACD for ETH/USD shows reduced bullish momentum, while the RSI is below the 50 zone, indicating potential downside pressure. Major support and resistance levels stand at $3,120 and $3,250, respectively.
