With the recent market upsurge impacting Ethereum, the cryptocurrency managed to surpass the $3,200 resistance level in a recent advance. However, a subsequent retrenchment ensued, with Ethereum's current trading value at $3,060, indicating a nearing proximity to crucial support levels. The burning question remains: what are the pivotal levels to monitor for Ethereum during this period?

In the journey of Ethereum's price trajectory, the cryptocurrency initially surged past the $3,150 and $3,200 thresholds before encountering a downturn. A dip below $3,120 initiated concerns among investors about possible further price declines. Despite testing the $3,220 resistance region with a peak at $3,217, Ethereum underwent a corrective phase, cascading beneath $3,150 and breaching the supportive $3,120 level. Notably, a break in the critical bullish trend line at the $3,120 support augmented bearish control, exerting downward pressure on Ethereum's pricing dynamics.

As Ethereum navigates its current stance, an immediate resistance battleground stands at $3,050. Should the bullish momentum regain dominance and propel the price above $3,220, Ethereum could unlock potential gains, prompting a march towards the $3,500 resistance zone. Conversely, failing to conquer the $3,120 resistance barrier could steer Ethereum towards another downtrend. Presently, the initial line of defense in the ETH/USD pairing lies near $3,025. However, a breach beneath this level could precipitate a further descent.

In the event of Ethereum's downturn extending, the critical support bastion at $2,950 plays a pivotal role in mitigating significant price plunges. A conclusive breach of this support bookmark may direct the price trajectory towards $2,820, possibly paving the way for deeper price declines towards $2,650 in the near term. Technical readings reinforce the possibility of a downward trajectory for Ethereum, with the hourly MACD indicating fading bullish momentum and the hourly RSI languishing below the 50 mark, embodying heightened selling pressures. As crypto enthusiasts track Ethereum's movement closely, the hour-by-hour oscillations underscore the speculative and volatile nature of the cryptocurrency domain.