Ethereum price recovered above $2,980 following recent volatility, with the cryptocurrency now consolidating near a critical resistance level at $3,080. The move positions ETH above its 100-hourly Simple Moving Average as traders watch for a potential breakout.
What Happened: Recovery Rally
Ethereum initiated an upward movement above $2,880, mirroring Bitcoin's trajectory during the same period.
The cryptocurrency surpassed resistance levels at $2,920 and $2,950 before entering positive territory.
Bulls pushed the price above the 61.8% Fibonacci retracement level of the downward move from the $3,175 swing high to the $2,775 low. ETH briefly spiked above $3,050 before encountering selling pressure near $3,080.
The cryptocurrency now trades within a rising channel with support established at $2,975 on the hourly chart. If Ethereum clears the $3,080 barrier and the 76.4% Fibonacci retracement level, the next major resistance appears at $3,150.
A sustained move above $3,150 could drive the price toward $3,220, with potential continuation to $3,250 or $3,265 in the near term.
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Why It Matters: Technical Crossroads
The current price action represents a critical juncture for Ethereum's short-term trajectory.
Failure to breach the $3,080 resistance could trigger a fresh decline, with initial support at $2,980 and the channel trend line.
Technical indicators show mixed signals, with the hourly MACD losing momentum in bullish territory while the RSI has dropped below 50. Major support sits at $2,915, with additional levels at $2,840, $2,800 and $2,775 if downside pressure intensifies.
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