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Ethereum price is recently encountering resistance below the $2,950 level, gaining downward momentum. This situation is causing concern within the cryptocurrency community, indicating that a significant support level of $2,550 could be tested in the near term. At such a stage, investors are inevitably feeling anxious.
Ethereum Struggles to Overcome Price Range
Struggling to surpass the $2,950 resistance, Ethereum has entered a new downtrend. The price is trading below $2,920 and also below the 100-hour Simple Moving Average. On the hourly chart of the ETH/USD pair, a significant downtrend line is observed at the $2,910 resistance, indicating a clear downward trend.
Unlike leading cryptocurrencies such as Bitcoin, Ethereum’s price cannot surpass the $2,950 resistance. The highest level was around $2,951, followed by a price decline. A steady decline was observed below the $2,920 and $2,900 levels. After reaching a low of $2,864, the price is currently trying to consolidate losses.
Currently, Ethereum is trading below $2,950 and the 100-hour Simple Moving Average. The immediate resistance is near the $2,900 level, while the first major resistance is at $2,920. In the upcoming period, Ethereum is likely to face resistance at the $2,950 level. If these levels are surpassed, 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, further losses could occur. Market analysis suggests that ETH could drop towards the $2,865 level. A move below this level could lead the cryptocurrency down to the $2,840 region.
The next support level that could be decisive for Ethereum in the coming period is around $2,780. However, a break below this level could cause ETH to retreat to $2,650. Moreover, if this downward trend continues, the price could potentially drop to $2,550 in the near future.
What Does Technical Analysis Say?
Technical analysis shows that the hourly MACD is gaining momentum in the bearish zone for the ETH/USD pair. Additionally, the hourly RSI (Relative Strength Index) for ETH/USD is currently below the 50 level. This situation also indicates 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.
