Ethereum price has struggled to break through the $2,750 resistance. ETH is currently consolidating near $2,635 and there is still a risk of further declines.

• Ethereum started a up-to-date decline from resistance at $2,750.
• The price is trading below $2,700 and the 100-hour straightforward moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), there was a breakout of a key contracting triangle with support at $2,695.
• The pair may continue to decline if it breaks below the USD 2,635 support zone.

Ethereum price drops again

Ethereum price started a decent escalate from the $2650 support zone. ETH outperformed Bitcoin and crossed the $2720 resistance zone. However, bears were energetic near the $2750 zone.

The last swing high was formed at $2,763 before corrected price gains. There was a move below the $2,720 and $2,700 levels. Additionally, there was a break below the key contracting triangle with support at $2,695 on the ETH/USD hourly chart.

Ethereum price is currently trading below $2,700 and the 100-hour straightforward moving average. A low has formed near $2,635 and the price is currently consolidating. If there is another rally, the price could face obstacles near the $2,700 level. It is near the 50% Fibonacci retracement level of the recent decline from $2,763 to $2,635.

The first major resistance is near the $2,735 level or the 76.4% Fibonacci retracement level of the recent decline from the $2,763 high to $2,635 low. A close above the $2,735 level could take Ether towards the $2,765 resistance.

The next key resistance is near $2,800. A break of the $2,800 resistance could see the price rally towards the $2,880 resistance zone in the brief term.

More ETH losses?

If Ethereum fails to break through the $2,700 resistance, it could continue to fall. Initial support on the downside is near $2,635. The first major support is near the $2,600 zone.

A clear move below the $2,600 support could push the price towards $2,550. Any further losses could send the price towards the $2,520 support level in the near future. The next key support is at $2,440.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the growth zone.

Hourly RSI – The RSI for the ETH/USD pair is currently below the 50 level.

Major Support Level – $2635

Main resistance level – $2700