The Ethereum price experienced a decline below key levels and dropped to a low of $3,021 before starting to recover. It has surpassed the 23.6% Fib retracement level and is currently trading below the $3,220 resistance level. The 100-hourly Simple Moving Average is also acting as a barrier for further gains. The price may face hurdles at the $3,250 and $3,270 levels, with the main resistance forming near $3,300. A clear move above $3,300 could lead to a rise towards $3,350 and potentially even $3,420 or $3,500. On the other hand, if Ethereum fails to clear the $3,220 resistance, it could initiate another decline with support levels at $3,120 and $3,050. The technical indicators show that the MACD is in a bearish zone and the RSI is above 50.



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