Ethereum’s price is currently facing resistance below the $2,950 level and is experiencing a downward trend, causing concern within the cryptocurrency community. There is a possibility that the price could test a significant support level of $2,550 in the near future, leading to anxiety among investors.
Article Contents:
Ethereum Struggles to Overcome Price Range
Major Decline Possible if Ethereum Fails to Break Resistances
What Does Technical Analysis Say?
Ethereum is currently struggling to surpass the resistance at $2,950, which has resulted in a new downtrend. The price is trading below $2,920 and the 100-hour Simple Moving Average. On the hourly chart of the ETH/USD pair, there is a noticeable downtrend line at the $2,910 resistance, indicating a clear downward trend. Stay updated with the latest technology news by visiting NEWSLINKER.
Unlike leading cryptocurrencies like Bitcoin, Ethereum has been unable to surpass the $2,950 resistance. The price reached a high of around $2,951 before experiencing a decline. It 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.
Ethereum is currently trading below $2,950 and the 100-hour Simple Moving Average. The immediate resistance is around the $2,900 level, while the first major resistance is at $2,920. In the near future, Ethereum is expected to face resistance at the $2,950 level. If these resistance levels are surpassed, the price could rise to $3,020.
If Ethereum fails to break the $2,920 resistance, there is a possibility of further losses. Market analysis suggests that the price could drop to around $2,865. If it moves below this level, it could decline further to the $2,840 region. The next crucial support level for Ethereum is around $2,780, but a break below this level could result in a retreat to $2,650. Furthermore, if the downward trend continues, the price could potentially drop to $2,550 in the near future.
Technical analysis indicates that the hourly MACD for the ETH/USD pair is gaining momentum in the bearish zone. Additionally, the hourly RSI (Relative Strength Index) is currently below the 50 level, indicating increased selling pressure.
In summary, 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 should not be considered investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.