ETH continues to face rejection near the neckline, and volume remains weak. The relative strength index (RSI) is correcting after breaching the overbought threshold of 70. At 56, it shows room for further downside.
A decisive close above $2,700 is needed to validate the breakout. Failure to do so risks a drop toward $2,300 or lower, invalidating the bullish setup.
Ethereum Price Forecast on Weekly Chart Indicates ~60% Crash Next
Ethereum is testing a critical resistance confluence near $2,530, formed by a flipped multi-year ascending trendline, the upper boundary of a descending wedge, and the 0.382 Fib level. So far, ETH has failed to break above this zone.
Adding pressure is the 50-week EMA near $2,575, which ETH has not decisively closed above. This keeps the broader trend bearish.
