Ethereum's price faced difficulties in maintaining its upward trajectory above the $2,750 resistance area. It entered a downside correction phase, moving below critical support levels, notably $2,680. The price is fluctuating under $2,650, residing below the 100-hourly Simple Moving Average.
A break occurred beneath a significant bullish trend line with its support stationed near $2,680 on the ETH/USD hourly chart. Nonetheless, if Ethereum can surpass the $2,650 and $2,680 resistance levels, it might spark a fresh upward movement.
Despite its stability above $2,620, Ethereum faced selling pressure around $2,765. After reaching a high at this level, it corrected downward, dipping below $2,650. Right now, Ethereum is consolidating near the 23.6% Fib retracement level of its previous downward move.
On the upside, Ethereum must tackle several resistances, including $2,665 and $2,700, to regain ground. Surpassing the $2,725 level could potentially propel its value to $2,780 or higher. On the downside, if it's unable to clear $2,680, further declines toward $2,600 and $2,550 might be anticipated.
