The cryptocurrency market continues to attract investors' attention with recent fluctuations. Ethereum is also experiencing this movement, successfully drawing attention back to itself with recent developments. The Ethereum price has started to show signs of recovery with strength from the $2,940 support level.

After recent declines, Ethereum has initiated a recovery movement from the $2,936 low level. This movement gained strong momentum above the $2,980 level, especially with a breakout above the important downtrend line with the $2,990 resistance level on the Ethereum/USD pair's hourly chart. This indicates that bulls have strongly entered the market and can be considered a significant stage in Ethereum's recovery process.

However, Ethereum still faces some resistance levels ahead. Currently, the price is trading around $3,030. The immediate resistance is near the $3,040 level, and a breakout above this level could be a positive momentum signal for Ethereum.

Ethereum's potential upward targets are starting to become apparent. The next key resistance level is around $3,150, and breaking this level could be an important step for the price to move further upwards. If Ethereum steadily progresses above the $3,220 level, it can create a strong base to test the $3,350 resistance level. From there, Ethereum is expected to move towards the $3,550 resistance zone.

Potential Decline if $3,080 Resistance Not Surpassed

The ETH price has shown some volatility in recent days, and if it fails to exceed the $3,080 resistance level, another downward trend may begin. Currently, the first downside support level for the ETH/USD pair is around $3,000. If this level is broken downward, the next major support level is expected to be around the $2,935 region.

Further down, there is another support at the $2,880 level. However, a move below this level could push the price towards $2,720 and lead to further losses. In this scenario, the price is predicted to retreat to the $2,650 level in the short term.

When technical indicators are examined, the hourly MACD for ETH/USD seems to be gaining momentum in the uptrend zone. Similarly, the hourly RSI is currently above the 50 level, indicating some buying movement. Considering the key levels, $2,935 can be identified as the main support level and $3,080 as the main resistance level for Ethereum.