Ethereum price struggled to continue higher above the $2,750 resistance and corrected gains. ETH is now struggling to start a fresh increase above $2,650.

• Ethereum started a downside correction below the $2,650 support.
• The price is trading below $2,650 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Starts Consolidation

Ethereum price started a downside correction from the $2,750 resistance like Bitcoin. ETH traded below the $2,700 and $2,650 support levels to enter a short-term bearish zone.

The price traded as low as $2,605 and is currently consolidating losses. There was a minor increase above the $2,620 level. The price traded close to the 23.6% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.

Besides, there was a break above a connecting bearish trend line with resistance at $2,620 on the hourly chart of ETH/USD. However, the price is struggling to gain bullish momentum.

Ethereum price is now trading below $2,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,700 level. It is close to the 50% Fib retracement level of the downward move from the $2,757 swing high to the $2,605 low.

A clear move above the $2,700 resistance might send the price toward the $2,750 resistance. An upside break above the $2,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,800 resistance zone in the near term. The next hurdle sits near the $2,850 level or $2,880.

More Downsides In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.

A clear move below the $2,550 support might push the price toward $2,500. Any more losses might send the price toward the $2,440 support level in the near term. The next key support sits at $2,420.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,600

Major Resistance Level – $2,650

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Pump.fun, a meme coin creation platform on Solana, has just launched a new feature that allows users to tokenize videos on its platform.

While this new feature has been met with enthusiasm from many users, it has also raised several questions.

What Could Video Tokenization on Pump.fun Mean?

According to the platform’s introductory video, users can quickly create a token linked to a video with just a few simple steps. Once created, the video will appear in the token trading interface. The platform demonstrated this feature with a clip of the debate between Donald Trump and Kamala Harris.

Users quickly realized that this feature could be leveraged to boost token prices by capitalizing on viral videos. However, Pump.fun has not provided any guidelines regarding the copyright issues of the videos being used.

Technically, Pump.fun asserts that the videos associated with this feature are not stored on-chain. It remains unclear whether this tokenization method differs from NFTs or if it simply creates meme coins tied to a video.

“An interesting debate actually – is tokenizing the video on-chain in NFT form more ‘tokenization’ than making it a meme coin? It’s all murky, especially in this new AI meta,” NFT analyst TylerD commented.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

Pump.fun Has Sold $70 Million in Solana Since Launch

According to Dune data, users have created over 2.6 million tokens on the platform to date.

In October, Pump.fun’s revenue surged, reaching an average of $1.6 million per day, with total revenue now surpassing $143 million. The platform’s financial success stems from tapping into the current market fascination with meme coins.

“Almost $200 million in less than a year. Great product/market fit. Exactly built for scammers,” Investor Sibel remarked.

Investor Kook’s on-chain analysis revealed that Pump.fun has sold $70 million in Solana since its inception.

“pump.fun has sold about $70 million worth of SOL since inception. This dapp is probably the single biggest value extractor from an L1 chain in crypto history… I’m not hating, I love it; this is the best business in crypto history to be honest,” Kook commented.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Additionally, Pump.fun recently revealed plans to launch its own token. Hence, the community is eagerly anticipating an airdrop from this initiative.