Ethereum’s price is currently facing resistance below the $2,950 mark, resulting in a downward trend. This development is causing concern among the cryptocurrency community, as it suggests that the significant support level of $2,550 may be tested in the near future. As a result, investors are feeling anxious about the situation.
Article: Ethereum Struggles to Overcome Price Range
Ethereum is currently struggling to break through the resistance at $2,950, which has led to 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, there is a noticeable downtrend line at the $2,910 resistance, indicating a clear downward trend. Stay updated with the latest technology news on NEWSLINKER.
Unlike Bitcoin and other leading cryptocurrencies, Ethereum has been unable to surpass the $2,950 resistance. The price reached its highest level at around $2,951 before experiencing a decline. There has been a steady decline 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, while the first major resistance is at $2,920. In the near future, Ethereum is likely to face resistance at the $2,950 level. If these resistance levels are broken, the price could rise to $3,020.
Article: Major Decline Possible if Ethereum Fails to Break Resistances
If Ethereum fails to overcome the resistance at $2,920, it could experience further losses. Market analysis suggests that ETH could drop to the $2,865 level. A move below this level could potentially lead the cryptocurrency towards the $2,840 region.
The next support level that could be crucial for Ethereum in the coming period is around $2,780. However, if this level is breached, ETH may retreat to $2,650. Furthermore, if the downward trend continues, the price could potentially drop to $2,550 in the near future.
Article: What Does Technical Analysis Say?
According to technical analysis, the hourly MACD for the ETH/USD pair is showing increasing momentum in the bearish zone. Additionally, the hourly RSI (Relative Strength Index) for ETH/USD is currently below the 50 level, indicating heightened 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.
You can stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.
