The cryptocurrency market remains active, with Ethereum (ETH), the leading altcoin, experiencing a recent downward correction from the $3,150 resistance point. Despite this dip, Ethereum maintains a strong position, showing potential for future growth.

Ethereum Steady Above $3,000

Throughout the past week, Ethereum has managed to stay above the $3,000 mark, indicating that bullish sentiment prevails. Trading consistently above $3,050 suggests that Ethereum is undergoing a healthy correction phase. After reaching a new weekly high of $3,144, a slight decline occurred as bears intervened near the $3,150 level.

Currently, Ethereum is trading close to $3,120. The immediate resistance stands at $3,080, with a descending trend line at this point on the hourly ETH/USD chart. If Ethereum can maintain a move above this line, it might retest the $3,150 resistance level.

Potential to Surpass $3,200

Breaking through the $3,150 resistance could give Ethereum the momentum to rise further. Successfully moving above this level could create a positive market atmosphere, potentially pushing the price higher. The next significant resistance is at $3,200, and clearing this level might drive the price towards $3,250. If Ethereum surpasses $3,250, it could aim for the $3,320 resistance.

Key Levels to Watch for Ethereum

Initially, the support level to watch for Ethereum is around $3,065, which could help limit short-term declines. If this support fails, the next critical support area is $3,000. Breaching this level might cause the price to drop to $2,980. If Ethereum cannot hold this level, it may further decline to around $2,860.

Technical indicators provide insight into Ethereum's current market state. The hourly MACD (Moving Average Convergence Divergence) is losing momentum in the bullish zone, indicating that upward movement is weakening and selling pressure is rising. This situation suggests investor uncertainty regarding the sustainability of current prices.

Additionally, the hourly RSI (Relative Strength Index) is below 50. Typically, an RSI below 30 signals oversold conditions, while above 70 indicates overbought conditions. An RSI below 50 reflects general selling pressure and a downward price trend, causing concern among investors.

In conclusion, while Ethereum remains above $3,000, the market is watching key resistance and support levels closely. The potential to rise above $3,200 exists, but investors should be cautious of the critical support levels that could lead to further declines.