Ethereum, the second-largest cryptocurrency, is showing signs of recovery after a recent price drop. The current resistance level is around $3,040, with the potential to rise further. Key support levels are at $2,935 and $3,080, which are crucial for the recovery process.

Ethereum's price has started to show signs of recovery after hitting a low of $2,936. The upward movement gained momentum above $2,980, breaking a significant downtrend line on the hourly chart. This indicates a strong entry by bulls and marks an important stage in Ethereum's recovery process. However, there are still some resistance levels ahead, including the immediate resistance at $3,040 and the next key resistance at $3,150.

If Ethereum fails to surpass the $3,080 resistance level, a potential decline may occur. The first support level is at $3,000, followed by a significant support level at $2,935. A break below this level could lead to a further decline, potentially reaching $2,720. In this scenario, the price may retrace to $2,650 in the short term.

Technical indicators suggest a potential recovery, with the hourly MACD gaining momentum in the bullish zone and the hourly RSI above 50, indicating a buying momentum. Key levels to watch are the main support at $2,935 and the main resistance at $3,080.