Ethereum attempted a recovery, rising above $2,880 and momentarily reclaiming the $2,950 level. The bulls succeeded in driving the price above the 61.8% Fibonacci retracement level of the previous downtrend from $3,175 to $2,775, with a brief spike above $3,000. However, selling pressure grew at the $3,080 level.
The falling 50-day EMA at $3,185, the 100-day EMA at $3,395, and the 200-day EMA at $3,401 signal that the prevailing bearish outlook could extend further.
The immediate resistance is at $3,050, and a stronger one at $3,080. If the price breaks decisively above $3,150, it could open the door toward the $3,220-$3,265 zone.
On the other hand, failure to break the resistance may result in selling, taking ETH down to $2,840 or even further to $2,775 support.
The Relative Strength Index (RSI) at 43.22 is below the neutral 50 level, reflecting bearish pressure but not yet oversold.
A rising trendline could assist the buyers, particularly if the MACD indicator keeps a buy signal and enters the bullish zone. Green histogram bars above the zero line also indicate a possible transition to a bullish environment.