Ethereum's price is finding it tough to go past the $2,950 mark, signaling a possible drop. This has got the crypto community worried, hinting that Ethereum might test a key support level at $2,550 soon, making investors uneasy.

Ethereum is facing resistance below $2,950, leading to a downward trend. It's currently trading under $2,920 and the 100-hour Simple Moving Average. On the hourly chart of ETH/USD, there's a clear downtrend line around the $2,910 mark, showing a definite downward movement.

In contrast to Bitcoin, Ethereum hasn't been able to break the $2,950 resistance. Its highest point was about $2,951 before falling. It's been steadily declining below $2,920 and $2,900 levels. After hitting a low of $2,864, it's now trying to stabilize its losses.

Currently, Ethereum is below $2,950 and the 100-hour Simple Moving Average, with immediate resistance around $2,900 and major resistance at $2,920. If it surpasses these levels, it could climb to $3,020.

However, if Ethereum can't break the $2,920 resistance, it might face more losses. Market analysis suggests it could drop to around $2,865, then possibly to $2,840. A significant support level could be around $2,780, but if it breaks, Ethereum might fall to $2,650 and even $2,550 soon.

Technical analysis indicates the hourly MACD is becoming more bearish for the ETH/USD pair, while the hourly RSI is below the 50 level, signaling higher selling pressure.

To sum up, Ethereum's main support is at $2,865, with the main resistance at $2,920.