Main points:
Ethereum failed to break out of the $2,750 resistance area.
ETH/USD remains below a critical bearish trend line resistance of $2,850 on the daily chart.
The price must stay above $2,400 to attempt a breakout of the $2,750 and $2,850 resistance levels.

Ethereum (10)
Ethereum (ETH) is still struggling at the USD 2,750 level. If it fails to stabilize above USD 2,750, the price might decline again.
Ethereum price faces important challenges
Ethereum saw moderate growth in the past few days and it broke the $2,500 resistance area, just like Bitcoin. ETH was able to climb above the $2,620 and $2,650 resistance levels. The price closed above the 23.6% Fibonacci retracement level of the decline from the $3,566 high to $2,099 low.
Finally, the bulls attempted to break the critical barrier of $2,750 but failed. The price even failed to test the $2,750 resistance and corrected some gains. The past two daily candles signaled exhaustion in the short-term uptrend.
Ethereum price daily chart | Data source: TradingView.com
Ethereum is slowly declining below the $2,650 level but it is still far away from the 50-day simple moving average (blue line). More importantly, the price remains below a critical bearish trend line resistance of $2,850 on the daily chart.
The current price action suggests that the price could decline further below $2,600. An immediate support is near $2,550. A primary support is near $2,500. The next support is near $2,440, which is a connecting bullish trend line on the same chart.
If the price closes below $2,440, ETH could drop to the $2,320 support level. If the bulls fail to protect the $2,320 support, ETH might even drop to the $2,150 support level. The next major support is near the $2,050 level.
Is there a new rise in ETH?
Conversely, Ethereum might remain stable above $2,600 or $2,440 and attempt a fresh increase. On the upside, the price might face resistance near $2,700. The first resistance is above the critical support of $2,750.
The next resistance is near $2,850, which is a bearish trend line and the 50% Fibonacci retracement level of the upward move from the $3,566 high to $2,099 low. If the price clearly breaks above the $2,850 resistance, it could open the doors to $3,000.
The next hurdle could be near $3,220 and $3,250. If ETH bulls push the price above the $3,250 resistance, there could be a strong up move. In this case, the price could move up to $3,550.
Overall, Ethereum price is struggling to stabilize above $2,750. If ETH breaks below $2,440, there could be a bigger decline towards $2,050 in the coming days.