Ethereum Targets Recovery as Price Struggles Below $3,050

Ethereum Price Consolidation and Potential Recovery

• Ethereum is consolidating below $3,050, trading under $3,040 and the 100-hourly Simple Moving Average.
• A break above a contracting triangle with resistance at $2,950 occurred.
• The price decline tested $2,865 before starting to consolidate losses.
• Immediate resistance is near $3,050, with key resistances at $3,110 and $3,175.
• An upside move past $3,220 could lead ETH toward $3,280 or $3,300.

Risk of Further Decline

• If unable to clear $3,050, ETH may face a fresh decline.
• Initial support levels are near $2,910 and $2,880.
• A move below $2,880 could target supports at $2,865 and $2,820, with main support at $2,750.

Technical Indicators:

• Hourly MACD: Losing momentum in the bearish zone.
• Hourly RSI: Above the 50 level.
• Major Support Level: $2,880
• Major Resistance Level: $3,050