Ethereum (ETH) is consolidating at the support level of $2,550 like Bitcoin. The price may face heavy resistance at $2,880 and $3,080.

Ethereum price remains below key hurdle

Ethereum has stabilized above the $2,550 support area for the past few days. After a sharp decline towards the $2,090 level, ETH managed to recover some losses. Buyers remained active after the price stabilized above the $2,550 level.

It also stabilized above the 23.6% Fibonacci retracement level of the down move from the $4,094 high to $2,090 low. However, the price remains well below the $3,000 level and the 50-day simple moving average (blue).

Ethereum is now consolidating and trading around the $2,700 level. If there is a fresh increase, the price might try to break out of the $2,780 resistance.

On the upside, the price is likely to face resistance near the $2,800 level. The first major resistance level is near the $2,880 level. The next resistance level is near the $3,080 level and the 50-day simple moving average (blue).

A key bearish trend line has also formed on the daily chart with resistance at $3,080. It is close to the 50% Fibonacci retracement level of the down move from the $4,094 high to $2,090 low.

If the price clearly breaks above the $3,080 level, it may open the doors for a steady rise towards the $3,320 level. If ETH stabilizes above the $3,320 resistance level, it may drift towards the $3,620 resistance level.

Will Ethereum fall again?

If sellers remain active, more losses could be seen in the coming sessions. An immediate support on the downside is near the $2,620 level. The first major support is near the $2,550 level.

A daily close below the $2,550 level could lead to further declines for ETH. In this case, the price could decline and test the $2,360 support level. If the buyers fail to hold the $2,360 support, Ethereum could decline further in the next few days and retest the $2,090 support area.

Overall, Ethereum price is consolidating above the $2,550 support and it might attempt another up move. However, sellers are likely to take a hard stance near the $2,880 and $3,080 resistance levels.