Ethereum's price is consolidating around the $3,000 mark, showing signs of a potential upward movement beyond $3,220. The cryptocurrency is trading above $3,150, buoyed by the 100-hourly Simple Moving Average.
Recently, Ethereum experienced a break above a significant bearish trend line at the $3,130 resistance, and even tested the $3,220 level before a slight pullback.
While there are hurdles near $3,200, surpassing $3,250 could lead to further price gains towards $3,320 and potentially $3,450.
If Ethereum fails to breach $3,220, it could see a decline towards the $3,140 support level, with a more substantial drop possible if it falls below $3,050, potentially reaching $2,940.
Technically, the MACD indicates bullish momentum, and the RSI is above 50, pointing to a positive trend.
