Ethereum price has been gaining bearish momentum recently as it faced resistance below the $2,950 level. While this creates concern in the cryptocurrency community, it indicates that a key support at $2,550 could be tested in the near term. At such a stage, investors inevitably become uneasy.

Ethereum Price Moves in Range

Struggling to overcome the $2,950 resistance, #Ethereum entered a new downtrend. The price is trading below $2,920 and the 100 hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,910 on the hourly chart of the ETH/USD pair. This shows that the downward trend is evident.

Ethereum's price cannot break the $2,950 resistance, unlike leading cryptocurrencies such as Bitcoin. A high was formed near $2,951, followed by a decline in the price. There was a steady decline below the $2,920 and $2,900 levels. After a swing low at $2,864, the price is currently attempting to consolidate losses.

Currently, Ethereum is trading below $2,950 and the 100 hourly Simple Moving Average. While immediate resistance is near the $2,900 level, the first major resistance is near the $2,920 level. In the coming period, Ethereum is likely to face resistance at the $2,950 level. If these levels are exceeded, the price may rise to the $3,020 level.

Big Drop May Come If Ethereum Cannot Overcome Resistances

There could be more losses if Ethereum fails to clear the $2,920 resistance. Market analysis suggests that ETH may decline towards the $2,865 level. A move below this level suggests that the cryptocurrency could decline towards the $2,840 region.

The next support level, which may be decisive for Ethereum in the coming period, is around $ 2,780. However, a break below this level could send ETH down to $2,650. Moreover, if this downward trend continues, the price may drop to $2,550 in the near future.

What Does Technical Analysis Say?

Technical analysis shows that the hourly MACD is gaining momentum in the bearish territory for the ETH/USD pair. Additionally, the hourly RSI (Relative Strength Index) for ETH/USD is currently below the 50 level. This shows that sales pressure is increasing.

In summary, the main support level for Ethereum is set at $2,865, while the main resistance level appears to be $2,920.