#Gate.ioDaily

Ethereum Update:

Ethereum tried to break above $2,900 resistance. However, ETH struggled to clear the $2,850 level.

ETH price declined sharply below the 50% Fib retracement level of $2,880 to a low of $2,718. Ether price is now trading below $2,820 and the 100 hourly simple moving average.

The price is now consolidating and next resistance is around $2,800 region which is also connecting a bearish trend line. However, the major resistance is near the $2,820 level and the 100 hourly moving average.

If ETH flip the $2,820 resistance it might go towards the $2,880 resistance and further around $2,920 region.

Contrary, if ETH fails to go above $2,820 resistance, it could leads to more downside. Which is a support around $2,750 and $2650 region.