Ethereum Fails to Hold Above $2,950, Consolidates Below Key Technical Levels

Ethereum's recent price action has been marked by a significant decline, with the cryptocurrency failing to hold above $2,950.

The drop accelerated as sellers pushed through key technical levels, including $2,920 and $2,900, before establishing a low at $2,775.

The current consolidation is taking place near the 23.6% Fibonacci retracement level of the move from $2,993 to $2,775, with resistance from a bearish trend line at $2,925 posing a challenge for any potential recovery attempt.

A key hurdle for Ethereum bulls to overcome is clearing the $2,850 resistance level, which would pave the way for a push toward $3,000 and potentially higher targets such as $3,080 or $3,120.