Ethereum has been facing a tough time breaking above the $2,950 resistance level. The recent attempt to surpass this barrier resulted in a fresh decline, indicating a bearish trend in the market. Despite reaching a high of $2,951, the price was unable to sustain momentum.
The hourly MACD for ETH/USD is showing an increase in bearish momentum, reflecting the current market sentiment. Additionally, the hourly RSI has dropped below the 50 level, further supporting the notion of a downward trend in Ethereum’s price.
Immediate support for Ethereum is seen around the $2,865 level, followed by a more significant support zone near $2,840. If the price continues to decline, the next support level to watch out for is around $2,780. A breach of this level could potentially push the price down towards $2,650, indicating a bearish outlook for the cryptocurrency in the near term.
On the other hand, if Ethereum manages to break above the key resistance levels at $2,920 and $2,950, there is a possibility of a bullish reversal. A clear move above $3,020 could signal a trend reversal and pave the way for a test of the $3,150 resistance. Further gains might even propel Ether towards the $3,250 zone.
Ethereum is currently facing a challenging situation as it struggles to break above key resistance levels. The technical indicators are showing signs of a bearish trend, with support levels being tested. Traders and investors should closely monitor the price movements and key resistance levels to gauge the future direction of Ethereum in the unpredictable cryptocurrency market.