Ethereum price is undergoing a downside correction, struggling to break through resistance levels near $3,120 and $3,180. It is presently trading below $3,200 and the 100-hourly Simple Moving Average, suggesting potential for either a fresh surge or further declines.
The price decline began after failing to rise above the $3,250 zone. Ethereum's value dropped below key support levels of $3,150 and $3,120, reaching a low of $3,016. Currently, it's consolidating losses but remains vulnerable to further downward movements unless key resistances are overcome.
On the upside, overcoming short-term resistance levels at $3,120 and $3,220 could push Ethereum toward the $3,320 resistance zone. Breaking this zone might invite more gains, potentially reaching the $3,450 area.
However, failure to clear the $3,320 resistance could lead to another decline. Initial support lies near $3,060 and further drops could see Ethereum testing the $2,980 and $2,880 support levels.
Technical indicators, including the MACD and RSI, suggest bearish momentum, requiring traders to be cautious about potential declines.
