Ethereum Price Recovery Faces Resistance Near $3,240 Level

Ethereum Price Update

Ethereum is recovering above the $3,120 zone.
Current trading price is above $3,200 and the 100-hourly Simple Moving Average.
A short-term contracting triangle forms resistance at $3,240 on the ETH/USD hourly chart.
Struggles to surpass the $3,240 resistance may occur.

Ethereum cleared key resistance levels, moving into a positive zone after rising from $3,050. The price has crossed the 50% Fib retracement level of its recent downward move. However, selling pressure persists near $3,220 and $3,240.

Resistance at $3,240 is significant; breaking this could target $3,330.
A move above $3,330 may lead towards $3,450, with potential gains towards $3,500 or $3,550.
Failure to break $3,240 could trigger a decline, with initial support at $3,180 and major support at $3,120.
Further losses may see prices drop to $3,050 and $3,020, with a key support level at $2,920.

Technical Indicators

Hourly MACD shows decreasing bullish momentum.
Hourly RSI remains above 50.