Ethereum is on a path to recovery after testing the $3,080 support zone. The price is now aiming to reach the $3,350 resistance zone. It has already cleared the $3,200 resistance and broke a bearish trend line at $3,220. However, Ethereum is still trading below the $3,350 level and the 100-hourly Simple Moving Average. If it continues to rise, it could face resistance at the $3,300 level and then at $3,400. A break above $3,400 may lead Ethereum towards the $3,500 resistance and potentially even higher towards the $3,550 and $3,720 resistance zones.
On the other hand, if Ethereum fails to clear the $3,300 resistance, it could experience another decline. The initial support sits at $3,185, followed by a major support zone near $3,120. A move below $3,120 may push the price further down towards $3,080 and potentially even to the $3,020 support level. The next key support stands at $2,950.
The MACD indicator for ETH/USD is showing bullish momentum, while the RSI is now above the 50 zone. In summary, Ethereum is working towards recovery and its performance could mirror that of Bitcoin if it continues to overcome resistance levels.