Ethereum, the popular altcoin, faces challenges in its recovery as its price on Binance dipped to $2865, testing the $3000 threshold. The price has been fluctuating around $3000, and a successful break above $3100 could trigger a steady uptrend.

Ethereum's Price Struggles to Regain Ground

Ethereum's recovery journey continues, but the price remains below the crucial $3000 level. The ETH/USD pair has formed a significant downtrend line at the $3070 resistance in the hourly chart. A closing price below the $2850 support zone may indicate further price reductions.

Tensions between Israel and Iran have affected the market, causing Ethereum's price to drop below the $2900 support, reaching a low of $2865. However, the price has since started to rebound from its losses. The immediate resistance is at $3000, with the first major resistance at $3070, close to the 100-hour Simple Moving Average.

Ethereum's Next Resistance Levels

In the altcoin market, Ethereum's next significant resistance is at $3120, which could lead to a rise towards $3200. If the $3280 resistance is breached, Ethereum could experience a surge towards $3350. A successful break above $3350 could push the price up to $3550.

Potential Price Declines for Ethereum

If Ethereum fails to surpass the $3000 resistance, it may experience another downtrend. The first downward support is near $2920, while a more significant drop could find support near the $2850 area. A substantial move below the $2850 support level could bring the price down to $2620, with further losses potentially pulling the price to $2550.

Technical Indicators Suggest a Downturn

Examining technical indicators, the hourly MACD for the ETH/USD pair is gaining momentum in the bearish zone. Additionally, the hourly RSI is below the 50 level, indicating a downturn. The key support level is set at $2850, while the primary resistance level is seen at $3100.