Ethereum Price Attempts Recovery After Dropping to $2,920

Ethereum Price Analysis

Ethereum began a recovery from the $2,920 zone.
Currently trading below $3,250 and the 100-hourly Simple Moving Average.
Broke below a bullish trend line with support at $3,240.
Struggles to exceed the $3,200 resistance level.

Ethereum's price declined below $3,120 and $3,000, reaching a low of $2,920. It has since risen above the $3,000 and $3,050 resistance levels, clearing the 50% Fib retracement of the previous decline from $3,335 to $2,920. The price is facing resistance near:

$3,175 (61.8% Fib retracement)
$3,200 (first major resistance)
$3,240 (main resistance)

A move above $3,240 could lead to gains toward $3,350 and potentially $3,450 or $3,500. Conversely, failure to surpass $3,200 may result in further declines, targeting initial supports at:

$3,120
$3,050
$3,000
$2,920
$2,880

Technical indicators show MACD losing momentum in bearish territory while RSI is above 50.