Ethereum Crossroads: Will It Forge a Fresh Path or Walk in BTC Steps

Ethereum Price struggled at $2,550, may drop below $2,425 support.

• Ethereum struggled to break above key resistance levels at $2,550 and $2,580.

• A short-term top was formed, leading to a decline below $2,500, following Bitcoin's trend.

• Despite a bullish channel breakout in the weekly chart, ETH faced challenges surpassing the $2,500 mark.

• Overhead supply indicates a potential retest, with a risk of a quick drop to $2,000 amid a market slowdown.

• Factors like a double top pattern, overhead supply, and market sentiments suggest a looming pullback phase in Ethereum.

• Daily chart shows buyers dominating with a rising channel, but a double top at the overhead trendline signals a retest of the $2,400 breakout.

• A drop below the $2,400 support zone could result in a price decline to the psychological level of $2,000.

• According to Coingabbar analysis, Successful post-retest reversal may challenge the $2,500 breakout rally and face resistance at $3,000.

KEY LEVELS :

RESISTANCE LEVEL : $2,520-$2,580

SUPPORT LEVEL : $2,400-$2,350

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