Ethereum Price Remains Below $3,300 Amidst Bitcoin Rally

Ethereum price is currently under pressure, trading below $3,300 and facing several resistance levels.

ETH did not close above $3,450 and has since corrected gains.
Current price consolidates above $3,120, with significant hurdles ahead.
A short-term contracting triangle is forming, with resistance at $3,370.
Key resistance levels are at $3,325 and $3,350.
If ETH surpasses $3,450, it could target the $3,500 zone.
Initial support levels are at $3,200 and $3,150.

Price Dynamics

ETH started an upward move above $3,300 but was limited compared to Bitcoin. The price tested key Fibonacci retracement levels but remains below the 100-hourly Simple Moving Average.

The MACD indicates reduced momentum in the bullish zone, and the RSI is below 50, suggesting potential bearish sentiment.

Support may extend towards $3,050 and $3,000 if the price continues to decline.