Ethereum's price is facing a critical juncture, hovering below $3,100 and key moving averages. To break free from this slump, Ethereum must overcome the resistance at $3,080, paving the way for a potential surge to $3,350. However, failure to hold the crucial support level of $3,000 could trigger a downward spiral to $2,720.

Ethereum's recent performance has been marred by a downtrend, slipping below $3,100 and the 100-hour Simple Moving Average. A clear downtrend line on the hourly chart of ETH/USD indicates resistance below $3,000, making it essential for Ethereum to stay above this critical support level. Currently, the price is consolidating around $3,005, with a breakthrough above $3,200 needed to spark an upward movement.

If Ethereum succeeds in overcoming the resistance levels, it may test the $3,350 resistance and potentially progress towards the $3,500 resistance zone. However, if it fails to surpass the $3,055 resistance level, a downturn in Ethereum's price is possible. The MACD is losing momentum in the bearish zone, indicating a potential corrective movement, while the hourly RSI is below 50, suggesting increased selling pressure.

In this scenario, Ethereum's first support level is around $3,000, followed by critical support points at $2,950, $2,920, and $2,840. If these supports break, Ethereum's price could plummet to $2,720. However, it's crucial to consider the resistance levels Ethereum faces, with the main resistance level currently set at $3,080. A breakthrough above this level could initiate a rise to higher levels.