The Ethereum price has been struggling to clear the $2,750 resistance level, indicating a potential bearish trend. Despite starting a fresh decline from this resistance, there seems to be a consolidation phase near $2,635, suggesting that the price is at risk of more downsides.
The hourly MACD for ETH/USD is losing momentum in the bullish zone, signaling a weakening of the buying pressure. Additionally, the hourly RSI for ETH/USD is now below the 50 zone, indicating a shift towards bearish sentiment in the market.
If Ethereum fails to clear the $2,700 resistance level, it could lead to further downside movements. Immediate support is seen near $2,635, with a major support level residing at the $2,600 zone. A breach of this support might push the price lower towards $2,550 and even $2,520 in the near term. On the upside, key resistance levels to watch include $2,735, $2,765, and $2,800. A successful break above these resistance levels could propel the price towards the $2,880 resistance zone in the near term.
Ethereum recently experienced a decent increase from the $2,650 support zone, outperforming Bitcoin and surpassing the $2,720 resistance level. However, the bears became active near the $2,750 zone, leading to a correction in the price. A break below a key contracting triangle with support at $2,695 signals further downside potential. The price is currently trading below $2,700 and the 100-hourly Simple Moving Average, indicating a lack of bullish momentum in the market.
The Ethereum price is facing challenges in clearing key resistance levels and maintaining upward momentum. The technical indicators suggest a weakening of buying pressure, while the support and resistance levels indicate potential downside movements if the price fails to break above key resistance levels. Traders and investors should closely monitor the price action and key levels to make informed decisions in the volatile cryptocurrency market.
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