The Ethereum price experienced a downside correction after failing to gain momentum above the $3,500 resistance level. It dropped below the $3,320 and $3,300 support levels and formed a low at $3,141. Currently, the price is consolidating above $3,120 but faces many hurdles. It is trading below the 100-hourly Simple Moving Average and is facing resistance near the $3,240 and $3,300 levels. The main resistance is forming near $3,380, and a clear break above this level could lead to more gains towards the $3,500 resistance zone. On the downside, initial support is near $3,150, followed by the major support at $3,120. If Ethereum fails to clear the $3,300 resistance, it could start another decline. The MACD indicator is losing momentum in the bullish zone, and the RSI is below the 50 zone.



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