Ethereum Price Prediction: ETH pulls back after breaking $3,000, may test the 2,900 support level later.

Ethereum (ETH) successfully stands above $3,000, entering a consolidation phase in the short term

Recently, the price of Ethereum (ETH) has started a new round of upward movement after breaking through the $2,800 region, moving in sync with Bitcoin (BTC). ETH quickly broke through the key resistance level of $2,880, entering a clear bullish zone, and further broke through $2,920, reaching a high of $3,081.

Currently, the price is in a consolidation phase and has broken below the 50% Fibonacci retracement level from the upward range of $2,905 to $3,081, indicating a temporary weakening of bullish strength. At the same time, on the ETH/USD hourly chart, the price has also broken below the key ascending trend line at $2,980 support.

The current ETH price is trading around $2,940, while it is consolidating above the 100-hour simple moving average.

Short-term resistance range: $3,000–$3,080, if broken or tested up to $3,200

Looking upwards, ETH faces its first resistance level at $2,980, followed by key resistance at $3,000. If it breaks through this area, it may test stronger resistance at $3,040. Once the price effectively breaks through $3,040, it could drive ETH to revisit the $3,080 area, and there is even potential to reach a target price of $3,200 to $3,220 in the short term.

Downward support to watch at $2,900; a drop below may point to $2,800 or even $2,650

If Ethereum fails to successfully break through the resistance level of $3,000, a short-term pullback trend may occur.

The preliminary support level below is $2,940, which is also the 76.4% Fibonacci retracement level of the upward range from $2,905 to $3,081. The key support is in the $2,900 area; if it is lost, there may be a pullback towards $2,800. If it further breaks down, attention should be paid to mid-term support areas such as $2,720 and $2,650.

Technical Indicator Analysis (ETH/USD)

• Hourly MACD Indicator: MACD has entered the bearish zone, and bearish momentum is strengthening.
• Hourly RSI Indicator: The current RSI has fallen below the 50 level, indicating a weakening in price momentum.
• Key Support Level: $2,900
• Key Resistance Levels: $3,000, $3,040, $3,080