#Ethereum at Risk of Further Decline if Key Support Breaks:
$ETH has struggled to regain bullish momentum after failing to hold its upper consolidation level at $2,724. Since June 12, ETH dropped by 8.69%, briefly stabilizing above the lower boundary of its consolidation range at $2,461.
On Monday, ETH attempted a rebound but was rejected again near the $2,724 resistance. The price has since declined toward the 50-day EMA at $2,434, and as of Wednesday, it is trading around $2,500.
Key Levels:
- Resistance: $2,724
- Support 1: $2,434 (50-day EMA)
- Support 2: $2,000 (major horizontal level)
If Ethereum closes below the 50-day EMA, it could confirm a breakdown and trigger a deeper move toward the $2,000 support zone. This would mark a significant shift in short-term momentum, possibly pulling the broader altcoin market lower as well.
