The price of Ethereum is currently showing positive signs and is outperforming Bitcoin. It attempted to increase above the $2,700 level, but failed to clear the $2,850 resistance zone. After reaching a high of $2,847, the price started to decline. It moved below the $2,750 and $2,720 support levels, reaching a low of $2,689. However, it is now consolidating gains and has moved above the 23.6% Fib retracement level of the recent decline. Ethereum is currently trading above $2,700 and the 100-hourly Simple Moving Average, with a bullish trend line forming at $2,700. On the upside, the price faces hurdles at the $2,750 level, with the main resistance forming near $2,800 or $2,820. A clear move above the $2,820 resistance could lead to further gains, potentially reaching the $3,000 resistance zone. On the downside, initial support is at $2,700, followed by the $2,680 zone. If the price falls below $2,680, it might reach the $2,620 and $2,550 support levels. The technical indicators, such as the MACD and RSI, suggest bearish momentum.



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