Ethereum Stumbles Below $2,900, Sustained Recovery in Doubt

Ethereum's price drop below $2,900 has raised questions about its potential for sustained recovery. The cryptocurrency struggled to hold above $2,950 and instead fell to $2,775 before consolidating. This decline accelerated as sellers pushed the price through $2,820, breaking key technical levels.

The current consolidation is near the 23.6% Fibonacci retracement level of the move from $2,993 to $2,775. A recovery attempt would first need to clear $2,850 resistance, with the 50% Fibonacci level at $2,880 representing the next barrier.

However, failure to reclaim $2,850 risks additional downside pressure, with support levels sitting at $2,800 and $2,775. A break below $2,775 could accelerate losses toward $2,720 and $2,640, with critical support at $2,620.