Ethereum Price Presses Resistance, but Can The Recovery Survive?

Ethereum (ETH) has experienced a price recovery, surpassing the $2,980 mark and the 100-hourly Simple Moving Average. The price is currently consolidating after a recent upward move exceeding the $3,000 zone. A rising channel formation on the hourly chart provides support near $2,975. The $3,080 level poses significant resistance, acting as a crucial barrier for further gains. The bulls successfully propelled the price beyond key resistance levels at $2,920 and $2,950. The price tested the $3,050 resistance before facing bearish pressure, with the $3,080 level acting as a strong resistance zone. Further upside potential hinges on a decisive break above this $3,080 resistance, potentially targeting $3,150 and even $3,220. However, failure to surpass $3,080 could trigger a fresh decline, with support levels at $2,915 and potentially even $2,800. The hourly MACD is losing bullish momentum, while the hourly RSI has dropped below the 50 zone, suggesting a potential shift in momentum.