Ethereum ’s price is facing significant challenges as it struggles to maintain momentum above the resistance level of $3,220. Recent trading patterns show that ETH has begun a downward trend and is now approaching the support level around $3,060.
The cryptocurrency is currently consolidating below the $3,120 level, which also lies beneath the 100-hourly Simple Moving Average. A bullish trend line is emerging, providing some support at $3,070 on the hourly chart, but the price must first break through the $3,120 barrier to initiate any significant upward movement.
Despite earlier attempts to rally past the $3,220 resistance, Ethereum ’s price fell below critical support levels of $3,150 and $3,120. This decline resulted in a dip below $3,100, with a recent low recorded at $3,069. Currently, the price is consolidating around this level and has touched the 23.6% Fibonacci retracement level of the latest drop from the $3,224 peak.
On the upside, Ethereum continues to encounter resistance near the $3,120 level. The next significant hurdle lies at $3,150, which coincides with the 50% Fibonacci retracement of the recent decline. If Ethereum manages to push above the $3,220 resistance, a rally toward $3,350 could be anticipated, potentially reaching as high as $3,500 if bullish momentum continues.
Conversely, should Ethereum fail to overcome the $3,150 resistance, a further decline seems likely. The initial support on the downside rests at approximately $3,060, with more critical support levels emerging near $3,000. If prices breach this level, a drop toward $2,880 and possibly $2,740 may follow, bringing further selling pressure on the asset.
