Ethereum Price Faces Rejection Near $3,300 Resistance Level

Ethereum is correcting from a $3,500 resistance level, currently consolidating above $3,120.

Failed to close above $3,500; currently trading below $3,320 and the 100-hourly SMA.
A bearish trend line forms resistance at $3,380 on the ETH/USD hourly chart.
Potential upward movement if it surpasses the $3,300 resistance.

Current Price Action

Ethereum attempted an upward move above $3,320 but faced limitations. The price dropped below $3,320 and $3,300, reaching a low of $3,141 before consolidating losses.

Currently trading below $3,280, with hurdles near $3,240. Major resistance is at $3,300 (50% Fib retracement) and $3,380.

A clear breakout above $3,450 could lead to further gains towards $3,500 or $3,550.

Potential Downside Risks

If Ethereum does not break the $3,300 resistance, it may decline further. Key support levels include:

$3,150
$3,120
$3,050
$3,020
$3,000

Technical indicators show the MACD losing momentum and RSI below 50.

Major support is at $3,120 and major resistance at $3,300.