Ethereum experienced an $11.15 million liquidation after a sharp price increase from $2,632.83 to $2,796.79. The trader, who had shorted ETH expecting a decline, faced significant losses as the price surged by 6.23%.Currently, Ethereum is consolidating around the $2.8K resistance level, which has been a key point of contention. This consolidation suggests that the market may be nearing the end of its current pullback. However, if Ethereum fails to overcome this resistance, it could face a decline towards the $2.1K support level.The technical outlook is also bearish, with a “death cross” forming as the 100-day moving average approaches a crossover below the 200-day moving average. This pattern often indicates potential further declines if the resistance at $2.8K holds.Traders should remain cautious as the coming weeks will be crucial in determining whether Ethereum can break through the resistance or if it will slide towards lower support levels.