Ethereum Price Plunges After $2.8K Rejection
Ethereum's recent rally has hit a snag after its price failed to clear $2,800. The cryptocurrency reached approximately $2,786 before sellers pushed it back below $2,700.
The decline follows a strong recovery that carried Ethereum from below $2,400 to almost $2,800, resulting in a 14% gain over seven days and a 75% advance over three months. This puts ETH's price approaching support around $2,626 to $2,672, with holding this area preserving the recent breakout and making $2,786 to $2,800 the first upside test.
A deeper decline below $2,550 would weaken the structure and expose approximately $2,430. The current pullback does not yet represent a breakdown of the broader recovery, as ETH remains above several important moving averages and resistance levels it reclaimed during the September rally.