The Ethereum price is consolidating above $3,120 and is facing several challenges. Ethereum initially saw an upward move above the $3,300 level but struggled to keep up with Bitcoin's rally. It failed to close above $3,450 and experienced a correction. There was a drop below the support levels at $3,320 and $3,300, with a low at $3,203. Ethereum is currently trading below $3,300 and the 100-hourly Simple Moving Average. It is facing hurdles near the $3,260 and $3,320 levels, with the main resistance forming at $3,350. If it manages to break above the $3,450 resistance, further gains towards $3,500 and $3,550 are possible. However, failure to clear the $3,325 resistance could lead to another decline, with initial support at $3,200 and major support at $3,150. The MACD and RSI indicators suggest a loss of bullish momentum.



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