Ethereum Price Inches Higher, Building Pressure for a Follow-Through

Ethereum's price experienced a downturn after failing to surpass the $3,220 resistance level. The price fell below $3,200 and $3,120, entering a bearish phase, with a low of $3,050. It has since begun consolidating losses and attempting a recovery near the $3,150 level. A key bearish trend line was broken at $3,100, suggesting some upward momentum. Ethereum currently trades below $3,180 and the 100-hourly Simple Moving Average. If it maintains above $3,050, another price increase is possible. Key resistance levels are found at $3,180 and $3,210 potentially leading to $3,250 if breached. Conversely, failure to break $3,180 could trigger further declines, with support at $3,080 and $3,050. The hourly MACD is showing bullish momentum, whilst the RSI is below 50.