Ethereum has encountered resistance at the $2,750 level, leading to a downward correction that has pushed the price below the $2,680 support level. This decline marks a pivotal moment, with Ethereum trading under $2,650 and failing to uphold its position above the 100-hourly Simple Moving Average. A significant development occurred when Ethereum breached a crucial bullish trend line that previously provided support around $2,680 on the hourly charts.
Despite these challenges, Ethereum had shown resilience above the $2,620 level, paralleling movements in Bitcoin . After achieving an ascent past the $2,650 resistance, Ethereum ’s high reached $2,765 before bears took control, initiating a downward trend. As a result, Ethereum dipped below the $2,650 mark, establishing a low at $2,626, and is now consolidating around the 23.6% Fibonacci retracement level based on its recent downward trajectory.
Currently, Ethereum is facing obstacles around the $2,665 level, with the next significant resistance point located near $2,700. This level coincides with the 50% Fibonacci retracement, also derived from the recent price fluctuations. A decisive breakout above $2,700 could propel Ethereum toward $2,725, with potential further gains possibly reaching the $2,780 resistance area. The next relevant resistance levels to watch would be $2,840 and $2,880.
Conversely, if Ethereum struggles to overcome the $2,680 resistance, it may initiate another downward movement. Immediate support is identified at the $2,625 level, with stronger support around the $2,600 mark. A fall below this level could see Ethereum ’s price trend toward $2,550, and further declines may jeopardize the $2,500 support level. The critical support threshold to monitor is $2,440 as the situation develops.
