Ethereum Slumps Below $2,900 Resistance Amid Weakening Momentum

Ethereum's price action has been concerning as it failed to hold above $2,950, causing a decline that pushed its value below $2,900. The cryptocurrency fell to $2,775 before consolidating, leaving it trading beneath key technical levels.

The breakdown occurred after Ethereum attempted to push above the resistance level of $2,950 but reversed course and broke below $2,920 and $2,900. The decline accelerated as sellers pushed the price through $2,820, establishing a low at $2,775.

Currently, Ethereum trades below its 100-hour Simple Moving Average and faces resistance from a bearish trend line at $2,925. A recovery attempt would first need to clear the $2,850 resistance level, with the 50% Fibonacci level at $2,880 representing the next barrier.