The Ethereum price experienced a downside correction after failing to extend gains above the $3,450 zone, similar to Bitcoin. It dropped below key support levels at $3,320 and $3,250, and even dipped below $3,120. However, it found support at $3,031 and is currently consolidating losses. There are hurdles near the $3,120 and $3,200 levels, with the main resistance forming at $3,265. If the price breaks above this resistance, it could rally towards $3,320 and potentially reach the $3,450 resistance zone. On the other hand, if Ethereum fails to clear the $3,200 resistance, it may continue to move downwards with initial support at $3,040 and major support at $3,000. The next key support levels are $2,950 and $2,880. The technical indicators, MACD and RSI, signal bearish momentum for Ethereum.



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