Ethereum Price Seeks Additional Gains as Bulls Try to Regain Momentum

Ethereum's price initiated an upward correction, surpassing $2,950 after a previous decline. The price is currently consolidating and trading above the 100-hourly Simple Moving Average. A bullish trend line was broken, indicating a potential shift in momentum. Resistance levels are now being eyed at $3,020, $3,050, and $3,080, with a further climb potentially reaching $3,150. A clear breakout above $3,150 may signal further gains towards $3,220 or even $3,250. However, if Ethereum fails to breach $3,050, a fresh decline could follow. Key support levels on the downside are at $2,950, $2,915, $2,880, and $2,840, with a final major support at $2,800. Technical indicators show the MACD losing bullish momentum while the RSI remains above 50. The market currently presents both bullish and bearish scenarios for Ethereum.