Ethereum price is currently experiencing difficulties in sustaining an upward momentum after facing resistance at $2,750. It has now slipped below $2,650 and is trading under the 100-hourly Simple Moving Average. This trend is similar to Bitcoin's recent performance, as both struggled with resistance levels.
Ethereum experienced a downside correction below its $2,650 support and is consolidating around $2,605. A minor increase above $2,620 was observed, yet the Ethereum price remains under the influence of bearish trends as it failed to gain bullish momentum.
The cryptocurrency faces significant resistance at $2,650 and further at $2,700, which aligns with the 50% Fibonacci retracement level of the previous drop. Successfully breaking past these points could pave the way for Ethereum to rise toward the $2,800 mark.
However, failure to clear the $2,650 resistance could initiate another decline, potentially pushing Ethereum prices down to $2,600 or even further to $2,550 and subsequently towards $2,440, if further losses continue. Technical analysis indicates the presence of a bearish move in the MACD and an RSI reading below the 50 thresholds.
