Ethereum (ETH) mirrored Bitcoin’s price action, recovering from a recent dip and consolidating above $3,000.

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Recent whale accumulation of ERC-20 tokens, including LINK and Pepe, suggests a potential bullish trend for Ethereum.

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ETH/USD Technical Analysis

Despite a slight decrease, Ethereum remains above its 200-day exponential moving average, indicating a positive long-term trend.

ETH overcame resistance levels at $3,050 and $3,120 but faced hurdles near $3,165. A bullish trend line forms with support at $3,110, suggesting potential upside.

Immediate resistance sits at $3,165, with major resistance at $3,200 and $3,250. A break above $3,350 could propel ETH towards $3,500 and $3,620.

Support Levels in Play

• If the bulls falter, initial support is around $3,100, followed by the trend line and the 50% Fib retracement level at $3,000.
• The main support zone rests at $2,940, with a break potentially leading to $2,820 and $2,650.

Technical Indicators

• The MACD momentum is slowing in the bullish zone on the hourly chart.
• The RSI on the hourly chart is above 50, indicating neither overbought nor oversold conditions.

The recent consolidation suggests ETH might be preparing for its next move. Overall, Ethereum is in a wait-and-see phase. A break above $3,165 could trigger further gains, while a drop below $3,000 might lead to a price correction.