The price of Ethereum experienced a significant drop but quickly rebounded, stabilizing above key support levels. However, Ethereum now faces risks as it trades slightly below a crucial resistance level, leaving investors uncertain about its next move. A top analyst suggests that Ethereum, along with Bitcoin and other altcoins, are currently in a consolidation phase and that holding above current levels could signal a new bullish trend. Failure to establish strong support could lead to further downside. Ethereum's current trading below $2,800 has frustrated investors, and its inability to break above key resistance levels has led to a decline in investor confidence. The analyst notes that if Ethereum can successfully break above its consolidation channel, it could gain the momentum needed to start a new bullish phase. The coming weeks will be crucial for Ethereum, and failure to reclaim key resistance levels could push it into deeper consolidation. Despite short-term uncertainty, institutions are accumulating Ethereum, recognizing its long-term value. Ethereum is currently trading at $2,750 and continues to struggle to regain momentum. The most critical resistance level is at $3,000, and successfully breaking above it could trigger a rally into higher supply levels. Conversely, holding above $2,700 is crucial to avoid further selling pressure. Traders are watching for a decisive breakout, with a close above $2,800 signaling increased bullish momentum.



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