Ethereum Consolidates Below Key Trendline Amid Bearish Pressure

Ethereum ($ETH) has entered a bearish consolidation phase following a significant price drop. The cryptocurrency is currently trading in the $1,700 to $1,800 range after breaking a key trendline.

The immediate support level for Ethereum stands at $1,800, with deeper support at $1,1700-$1,750. Resistance levels are located at $2,350-$2,400 and $2,600.

Despite short-term bearish pressure, Ethereum is showing signs of stabilization near critical supports, hinting at possible accumulation. However, bulls need to reclaim $2,150+ for a momentum shift, and holding above $2,000 is crucial to avoid deeper corrections.

The long-term outlook remains positive due to the strength of the Ethereum ecosystem.