Ethereum Price Pullbacks Fail to Scare Buyers, Momentum Tells a Story

Ethereum has been steadily rising, surpassing the $3,120 mark and currently consolidating gains. The price is trading above $3,200 and the 100-hourly Simple Moving Average, indicating bullish momentum. A short-term bullish trend line is forming with support at $3,185, suggesting a potential continuation of the upward trend. Immediate resistance lies near $3,240, with a key resistance level at $3,250. Successfully breaching $3,265 could propel Ethereum towards $3,350, and potentially even higher to $3,450 or $3,500. Failure to overcome the $3,250 resistance could trigger a decline, with initial support around $3,200 and major support at $3,185. Breaking below $3,185 might lead to further drops towards $3,120 or even $3,050. The hourly MACD signals weakening bullish momentum, while the hourly RSI remains above 50.