Ethereum has reached its resistance area, specifically the 38.20% Fibonacci retracement level of $3,024.96. It's currently trading around $3,003.58. The analysis suggests that ETH is in a potential 'B' wave of a corrective pattern, with the expectation of reaching further resistance levels between $3,074.04 and $3,186.38. If the price breaks below the previous low of $2,893.5, it could invalidate the bullish outlook. The longer-term daily chart also shows a similar pattern with expected resistance in the $3,100-$3,400 range.