Yahya 
Although Ethereum‘s price recently aimed to exceed the $2,750 barrier, it lacked impetus and thus caused a fresh dip. Right now ETH is trading near to $2,600, which is strengthening its position and showing signs of likely more decline.
Ethereum Faces Resistance and Potential Downside
Starting from the $2,650 support zone, Ethereum began a little climb that temporarily outpaced Bitcoin over the $2,720 resistance level. Strong resistance around the $2,750 level, however, blocked further development; the price peaked at $2,763 before a corrective decline began.
In this change ETH fell below the limits of $2,720 and $2,700. Further dampening the short-term forecast was a significant contracting triangle with support around $2,695 on the ETH/USD hourly chart shattered. Right present, Ethereum is trading below $2,700 and the 100-hour Simple Moving Average; its low happened at $2,635.
To enable a probable upward advance, ETH would have to surpass first resistance at the $2,700 level, which corresponds with the 50% Fibonacci retrace of the current drop from $2,763 to $2,615. Should the price be able to above $2,735, it would target the levels of $2,65 and $2,800 resistance. A decent breakthrough above $2,800 may send ETH into the $2,880 zone.
However, the negative effects become more evident should Ethereum fail to overcome the $2,700 barrier. There is mostly support at $2,600; instant assistance arrives at $2,615. A determined move below $2,600 might lead to further decline close to $2,550 or maybe $2,520. Should bearish momentum go on, $2,440 would be the next main support level below this zone.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.