Ethereum Slumps Below Key Technical Levels as Resistance Mounts

Ethereum has been struggling to regain its footing after falling below $2,900. The cryptocurrency's failure to hold above $2,950 has sparked concerns about a potential sustained recovery.

Following the decline, Ethereum dropped to $2,775 before consolidating at current levels. This marks a significant breakdown in price action, with sellers pushing the price through key technical levels.

The cryptocurrency now trades below its 100-hour Simple Moving Average and faces resistance from a bearish trend line at $2,925. To mount a recovery attempt, Ethereum would need to clear the crucial resistance level of $2,850.

If successful, this could pave the way for further upside, potentially reaching $3,000 or even higher targets like $3,080 and $3,120. However, failure to reclaim $2,850 risks additional downside pressure, with support levels sitting at $2,800 and $2,775.