#cryptotradingpro $ETH is currently trading at $2,485, following a sharp retracement from its recent local high near $2,730. The chart shows that ETH failed to hold above the 200-day simple moving average (SMA) at $2,701, which acted as a strong resistance zone. After days of sustained upward momentum, this rejection has pushed the price back toward the 200-day exponential moving average (EMA) around $2,438 — a key level that now serves as immediate support.

Volume has remained elevated during this move, suggesting active participation from both bulls and bears. Despite the rejection from the 200 SMA, Ethereum is still holding well above its breakout zone from early May, where the price surged from under $2,000. If bulls can defend the EMA and keep price above $2,400, this could form a higher low and set the stage for another attempt at reclaiming the $2,700–$2,800 area.

However, if $ETH loses the $2,400 level, momentum could shift in favor of the bears, potentially triggering a larger correction. For now, Ethereum remains in a consolidation phase within a broader bullish structure. The next few daily closes will be critical to confirm if the pullback is healthy or a signal of deeper weakness.