Ethereum (ETH) has initiated a recovery wave, climbing above the $3,000 mark. The cryptocurrency’s momentum suggests a potential continuation if bulls can clear the $3,080 resistance zone.

Current Technical Situation

• ETH is trading above $2,960 and the 100-hourly Simple Moving Average (SMA).
• A bullish trend line provides support near $2,950 on the hourly chart.
• Bulls managed to overcome previous resistance levels at $2,920–$2,950, showing renewed buying interest.
• ETH has surpassed the 61.8% Fibonacci retracement of its recent downward move from $3,165 to $2,620, but has struggled to clear the 76.4% Fib level near $3,080.

Upside Targets

• Immediate resistance: $3,050
• Key resistance: $3,080–$3,120
• Potential upside if cleared: $3,165 → $3,220–$3,250

A sustained move above $3,120–$3,165 could signal a continuation toward higher targets, confirming a bullish trend in the near term.

Downside Risks

• Failure to break $3,080 may trigger a fresh decline.
• Support levels to watch: $2,950 (trendline support), $2,880, $2,840, and $2,800.
• A breach below $2,880 could extend losses toward $2,740–$2,750.

Technical Indicators

• Hourly MACD: Momentum weakening in the bullish zone
• Hourly RSI: Below 50, signaling limited short-term strength
• Major Support: $2,950
• Major Resistance: $3,080

Summary: Ethereum shows early signs of recovery above $3,000 but faces critical resistance near $3,080. Traders should monitor whether ETH can sustain momentum above this level, as a breakthrough could lead to targets around $3,165–$3,250. Conversely, failure to clear resistance may bring a pullback toward $2,950–$2,880.