Ethereum showed bullish momentum by breaking through the $3,solana price prediction 2040300 barrier before encountering selling pressure near $3,350, leading to a significant pullback below key support levels.
■ ETH's upward trajectory stalled at $3,350, triggering profit-taking activity.
■ Current trading positions show ETH below both $3,220 and the 100-hour SMA.
■ Technical charts reveal breakdown of critical support trendline at $3,250.
■ Further downside potential exists if $3,165 support fails to hold.
Ethereum's Volatile Price Action
The second-largest cryptocurrency demonstrated impressive strength by surpassing the $3,200 psychological level with conviction. ETH's performance notably outpaced Bitcoin during this move, successfully testing the $3,300 resistance zone. However, market participants showed reluctance to push prices beyond the $3,350 ceiling.
After establishing a local top at $3,355, Ethereum initiated a corrective phase that gained momentum below $3,300. This downward movement erased approximately 50% of the gains achieved from the recent swing low at $3,070 to the peak at $3,355.
The technical picture worsened with the violation of an ascending trendline that previously provided reliable support around $3,250. Current market conditions show ETH trading beneath both the $3,220 level and the 100-hour simple moving average, indicating short-term bearish momentum.
Market observers note active buying interest near the $3,165 zone, which coincides with the 61.8% Fibonacci retracement level of the recent upward move. Immediate resistance now stands at $3,210, aligning with the 100-hour moving average.
The primary resistance cluster appears between $3,250-$3,350. A decisive break above this zone could reignite bullish momentum, potentially targeting the $3,465 area. Subsequent resistance levels to watch include $3,550 and $3,680, with extended targets near $3,750 if buying pressure persists.
Potential Downside Scenarios
Failure to overcome the $3,210 resistance could lead to extended downside movement. Initial support emerges around $3,180, with more substantial buying interest expected near $3,165.
The critical support level remains at $3,070. A confirmed breakdown below this threshold might accelerate selling pressure, potentially testing the $3,030 support zone. In more bearish scenarios, ETH could retreat toward the $2,880 region.
Market Indicators
Hourly MACD – The moving average convergence divergence indicator shows increasing bearish momentum.
Hourly RSI – The relative strength index currently resides in bearish territory below the 50 midpoint.
Key Support Zone – $3,165
Key Resistance Zone – $3,210
