Ethereum's Price at a Crossroads: Will it Surge Past $3,180 or Face a Deeper Dip?

Ethereum (ETH) has recently shown renewed strength, breaking above the $3,050 mark. However, the cryptocurrency is now in a crucial consolidation phase, with its next move heavily dependent on overcoming key resistance levels, leaving investors to ponder if a healthy consolidation or a momentum fade is at hand.

Charting the Path Up: Key Resistance Levels for ETH

After successfully establishing support above $2,950, ETH initiated a fresh rally, mirroring Bitcoin's performance, and surpassed resistance at $3,020 and $3,050. Currently trading above $3,075 and the 100-hourly Simple Moving Average, Ethereum faces an immediate challenge at the $3,150 level, where a short-term contracting triangle is forming. A decisive break and sustained trading above $3,180 are critical for further upward momentum, potentially pushing the price towards $3,220 and eventually targeting the $3,350 to $3,500 range.

The Downside Scenario: Critical Support Levels to Watch

Conversely, if Ethereum fails to breach the $3,180 resistance, a fresh downtrend could commence. Immediate support lies near $3,080, with a more significant support zone around $3,015, which aligns with the 61.8% Fib retracement level of its recent upward swing. A sustained drop below $3,015 could see ETH testing $2,975, and potentially extending losses towards $2,920, with further key supports at $2,840 and $2,820. Technical indicators currently show the Hourly MACD losing bullish momentum and the Hourly RSI positioned below the 50 mark, suggesting a cautious outlook.