The Ethereum price failed to break through the $3,000 resistance level and is currently consolidating around $2,750. However, there is potential for a fresh increase as Ethereum remains supported above the $2,650 level. The price has corrected gains and is trading above the 100-hourly Simple Moving Average, with a short-term bullish trend line forming. On the upside, there are hurdles near the $2,820 and $2,850 levels, with major resistance at $2,880 or $2,920. A clear move above $2,920 could lead to a breakout towards the $3,000 resistance and possibly higher levels. On the downside, initial support is at $2,780, with major support at $2,720. Failure to clear the resistance levels could result in another decline towards the $2,650 and $2,550 support levels. Technical indicators suggest a loss of bullish momentum, as the MACD is weakening and the RSI is below the 50 zone.



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