Ethereum’s price is currently facing resistance below the $2,950 mark, leading to a downward trend. This has caused concern among the cryptocurrency community, as it suggests that the key support level of $2,550 could be tested soon. As a result, investors are feeling anxious about the situation.
Article Contents:
Ethereum Struggles to Overcome Price Range
Major Decline Possible if Ethereum Fails to Break Resistances
What Does Technical Analysis Say?
Ethereum Struggles to Overcome Price Range
Ethereum is finding it challenging to surpass the $2,950 resistance level, which has resulted in a new downtrend. The price is currently trading below $2,920 and the 100-hour Simple Moving Average. On the hourly chart of the ETH/USD pair, a significant downtrend line is visible at the $2,910 resistance level, indicating a clear downward trend. To stay updated on the latest technology news, visit NEWSLINKER.
Unlike Bitcoin and other leading cryptocurrencies, Ethereum has been unable to break through the $2,950 resistance level. It reached a peak of around $2,951 before experiencing a decline in price. The price steadily declined below the $2,920 and $2,900 levels. After reaching a low of $2,864, the price is currently attempting to consolidate its losses.
At present, Ethereum is trading below $2,950 and the 100-hour Simple Moving Average. The immediate resistance level is around $2,900, followed by the first major resistance at $2,920. In the near future, Ethereum is expected to face resistance at the $2,950 level. If it manages to surpass these levels, the price could rise to $3,020.
Major Decline Possible if Ethereum Fails to Break Resistances
If Ethereum fails to overcome the $2,920 resistance level, it could experience further losses. Market analysis suggests that the price of ETH could drop towards the $2,865 level. A move below this level could lead to a decline towards the $2,840 region.
The next important support level for Ethereum in the coming period is around $2,780. However, a break below this level could cause ETH to retreat to $2,650. Additionally, if the current downward trend continues, the price could potentially drop to $2,550 in the near future.
What Does Technical Analysis Say?
Technical analysis indicates that the hourly MACD for the ETH/USD pair is gaining momentum in the bearish zone. Furthermore, the hourly RSI (Relative Strength Index) for ETH/USD is currently below the 50 level, suggesting increased selling pressure.
To summarize, the main support level for Ethereum is identified at $2,865, while the main resistance level is seen at $2,920.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a certain level of risk. It is advised to conduct thorough research before making any investment decisions.
