Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?

Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term.Ethereum extended losses and tested the $3,075 support zone.
The price is trading below $3,180 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below the $3,125 support.Ethereum Price Faces Resistance