Ethereum Falters Above $3,280 as Momentum Indicators Flash Warning Signs

Ethereum has stabilized above $3,280 after its recent surge to $3,402, but momentum indicators are flashing warning signs. The cryptocurrency cleared resistance levels at $3,320 and $3,350 before retreating below the 23.6% Fibonacci retracement level of its move from the $3,060 swing low.

A bullish trend line has formed on the hourly chart with support at $3,280, while ETH remains above the 100-hourly Simple Moving Average. Immediate resistance sits at $3,320, followed by $3,350 and $3,385, with a break above $3,385 potentially pushing prices toward $3,450 and $3,500.

However, technical indicators present a mixed picture, with the MACD losing momentum in the bullish zone and the RSI dropping below 50. If the $3,280 support fails, the next key level is $3,260 near the 100-hourly SMA, followed by $3,220 at the 50% Fibonacci retracement.