Ethereum is currently grappling with significant resistance below the $2,950 mark, hinting at a potential decline. The cryptocurrency's struggle to overcome this price range has sparked concern among investors, as a failure to break through could lead to a substantial price drop.

Ethereum's price is trading below $2,920 and the 100-hour Simple Moving Average, indicating a clear downtrend. The hourly chart reveals a significant downtrend line at $2,910, further emphasizing the downward momentum. Unlike Bitcoin, Ethereum has been unable to surpass the $2,950 resistance, leading to a steady decline.

The immediate resistance lies at $2,900, while the first major resistance is at $2,920. If Ethereum fails to overcome these levels, it may experience further losses, potentially dropping to $2,865 or even $2,780. A break below this level could lead to a more significant decline, potentially reaching $2,650 or even $2,550 in the near future.

Technical analysis reinforces this outlook, as the hourly MACD and RSI (Relative Strength Index) indicate increased bearish momentum and selling pressure. The main support level is identified at $2,865, while the main resistance level is seen at $2,920. Ethereum's ability to overcome these levels will be crucial in determining its future price trajectory.