Ethereum Support Level Holds Amid Waning Momentum

Ethereum has managed to hold above its $3,280 support level after experiencing a recent rally that saw prices surge past $3,320 and $3,350 resistance levels before dipping below the 23.6% Fibonacci retracement level of the move from the $3,060 swing low.

Although a bullish trend line has formed with support at $3,280 on the hourly ETH/USD chart, technical indicators are flashing warning signs as momentum wanes. The MACD is losing momentum in the bullish zone, while the RSI has dropped below 50.

The token remains above the 100-hourly Simple Moving Average, but immediate resistance sits at $3,320, followed by $3,350 and $3,385. A break above $3,385 could push prices toward $3,450 and potentially $3,500.