Ethereum has been facing challenges in surpassing the $2,750 resistance level. Despite starting a decent increase from the $2,650 support zone, ETH has struggled to maintain momentum. The bears have been active near the $2,750 zone, leading to a recent swing high at $2,763 before a corrective pullback.
Currently, Ethereum is consolidating near the $2,635 mark, with the price trading below $2,700 and the 100-hourly Simple Moving Average. The recent break below a key contracting triangle with support at $2,695 on the hourly chart of ETH/USD has put ETH at risk of more downsides. If the price drops below the $2,635 support zone, it could potentially extend losses further.
In the event of another increase in price, Ethereum might face hurdles near the $2,700 level and the 50% Fib retracement level from the recent decline. The first major resistance is expected near $2,735 or the 76.4% Fib retracement level. A close above $2,735 could signal a move towards the $2,765 resistance, followed by the $2,800 level. However, failing to clear the $2,700 resistance could lead to continued downward movement, with initial support near $2,635 and the first major support at the $2,600 zone.
Looking at the technical indicators, the hourly MACD for ETH/USD is losing momentum in the bullish zone, while the hourly RSI is now below the 50 zone. These indicators suggest a potential shift in momentum and the possibility of further downside pressure on Ethereum price.
Ethereum price has been struggling to overcome key resistance levels and maintain upward momentum. The recent corrective pullback and consolidation near $2,635 indicate a potential risk of more downsides. Traders and investors should closely monitor the $2,700 resistance level and key support zones to gauge the future direction of Ethereum price movement.
