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
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
