Ethereum Price Retreats After Surge 10% to $3,080

Ethereum's price recently surged above the $3,000 mark, mirroring Bitcoin's upward trend. The cryptocurrency gained momentum, breaking through the $2,880 resistance zone and entering a positive territory. The bullish trend pushed the price above $2,920, ultimately testing the $3,080 zone before consolidating gains.

However, Ethereum's price has since retreated, currently trading near $2,940 and the 100-hourly Simple Moving Average. A key bullish trend line with support at $2,980 was breached on the hourly chart of ETH/USD, indicating a potential correction. The price could face resistance near the $2,980 level, with the next key resistance at $3,000 and the first major resistance at $3,040. A clear move above $3,040 could propel the price toward the $3,080 resistance, and potentially even higher to the $3,200 or $3,220 resistance zones.

On the downside, if Ethereum fails to clear the $3,000 resistance, it could initiate a correction. Initial support is near the $2,940 level, with the first major support at the $2,900 zone. A clear move below $2,900 could push the price toward the $2,800 support, and further losses might send it toward the $2,720 or $2,650 support levels.

Technical indicators suggest a bearish momentum, with the MACD for ETH/USD gaining momentum in the bearish zone and the RSI for ETH/USD below the 50 zone. The major support level is at $2,900, while the major resistance level is at $3,000. Ethereum's price is currently consolidating gains, and its next move will likely depend on whether it can maintain support above the $2,900 zone or face a correction toward lower levels.