Key Summary:
Ethereum still holds above the major uptrend support at $2,880.
ETH/USD is stuck near the critical resistance of $3,250 on the daily chart.
To initiate a fresh increase, the price must break $3,250 and the 50-day simple moving average (blue line).

Ethereum ETF
New Delhi (CoinChapter.com) — Ethereum (ETH) is consolidating above $2,880. If the bulls fail to defend the $2,880-2,900 support zone, ETH could take a major hit.

Ethereum price stagnated in a range
In a recent daily chart analysis, we see that Ethereum is holding above the key $2,880-2,900 uptrend support. The bulls are actively active near the 61.8% Fibonacci retracement level of the upward move from the $2,172 low to $4,082 high. Recently, the price witnessed a short-term recovery above the $3,050 resistance area.

However, ETH bears were actively active near the $3,200 resistance area. They prevented the price from closing above the 50-day simple moving average (blue line). The price again reacted downwards like Bitcoin and traded below $3,000.

Ethereum bulls are now fighting against the same uptrend support of $2,880. The past three daily candles indicate that the bulls are struggling to push the price higher.

On the upside, an immediate resistance is near the $3,060 level. The first major resistance is near the $3,200 level and the 50-day simple moving average (blue line). There is also a significant downtrend line in place on the daily chart with resistance at $3,250.

This trend line is close to the 50% Fibonacci retracement level of the decline from the $3,731 high to $2,848 low. To start a new increase, the price must settle above the $3,250 resistance area and the 50-day simple moving average.

In such a case, the price might pick up and test the $3,400 resistance. The next major resistance is near the $3,675 level. If the bulls break the $3,675 resistance, the price might move up to $3,920 in the near term. If the bulls break the $3,920 resistance, the price might retest the $4,080 resistance.

More downside risk?
Conversely, Ethereum might again fail to stabilize above $3,200 and fall further. An immediate support is near the $2,920 level. The first major support remains near the $2,880 area.

If there is a downside breakout and daily close below $2,880, ETH could drop to the $2,620 support level. If the bulls fail to protect the $2,620 support, the price could decline and test the $2,200 support level.

Overall, Ethereum price is struggling below $3,200 and $3,250. If ETH settles below $2,880, there could be a strong bearish bias in the short term.