Ethereum is holding above the $3,280 support level after rallying to $3,402 and subsequently pulling back, with technical indicators showing a bullish trend line forming on the hourly chart amid waning upward momentum.
What Happened: ETH Consolidates After Rally
The cryptocurrency climbed past $3,320 and $3,350 resistance levels before reaching $3,402. The price then dipped below the 23.6% Fibonacci retracement level of the move from the $3,060 swing low.
A bullish trend line has formed with support at $3,280 on the hourly ETH/USD chart.
The token remains above the 100-hourly Simple Moving Average.
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.
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Why It Matters: Key Levels in Focus
Technical indicators present a mixed picture. The MACD is losing momentum in the bullish zone, while the RSI has dropped below 50.
Should the $3,280 support fail, the next key level is $3,260 near the 100-hourly SMA.
Further downside could target $3,220 at the 50% Fibonacci retracement, with $3,150 as a deeper support zone.
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