Ethereum's price has faced another rejection, unable to maintain momentum above the $3,500 resistance level. A downside correction occurred from this level, and ETH is now consolidating above $3,120, encountering multiple hurdles in its path.
The cryptocurrency failed to gain pace for a close above $3,500, resulting in corrected gains. Currently trading below $3,320 and the 100-hourly Simple Moving Average, Ethereum's price is forming a short-term bearish trend line with resistance at $3,380 on the hourly chart.
If cleared, the $3,300 resistance level may initiate another upward trend. Alternatively, failure to surpass this resistance could result in further declines. Support levels to watch include $3,150, $3,120, and potentially $3,050.
Technical indicators suggest momentum loss, with the hourly MACD losing strength in the bullish zone and the RSI below 50. The major support level is $3,120, while resistance remains around the $3,300 mark.
