Ethereum price has been struggling to break above the $3,150 zone, remaining in a bearish trend. Recent movements have seen ETH moving lower, potentially aiming for a drop below $2,800. This lack of bullish momentum is concerning for investors, as it indicates a lack of market confidence in Ethereum’s ability to rally.
Looking at the technical indicators, it is evident that Ethereum is facing significant challenges. The MACD for ETH/USD is gaining momentum in the bearish zone, indicating a strong presence of sellers in the market. Additionally, the hourly RSI has dipped below the 50 zone, signaling a shift towards bearish sentiment among traders. These indicators paint a grim picture for Ethereum’s price outlook in the short term.
Ethereum has failed to start a recovery wave above the $3,080 and $3,120 resistance levels, further dampening investor sentiment. The inability to break through these key resistance levels suggests a lack of buying interest and potential further downward movement in price. The $3,000 zone has emerged as a major resistance level, with the 100-hourly Simple Moving Average acting as a barrier to any meaningful price breakout.
On the downside, Ethereum faces initial support near $2,820, with the first major support level sitting at the $2,800 zone. A clear move below $2,800 could signal a deeper retracement towards $2,720 or even $2,650 in the near term. With bearish momentum building up, it is crucial for Ethereum to hold key support levels to avoid a more significant price decline.
Ethereum’s price remains under pressure as it struggles to break above key resistance levels and faces strong selling pressure from market participants. The lack of bullish momentum, coupled with bearish technical indicators, paints a challenging picture for Ethereum’s price outlook. Investors should closely monitor key support and resistance levels to gauge the future direction of Ethereum’s price movement.