Recently, Ethereum failed to overcome the $2,450 resistance, which led to a drop below $2,400 and $2,350, with a short-term low of $2,253.
Although it has attempted a minor recovery above $2,285, it is still below the $2,310 level and its 100-hour simple moving average (SMA). Resistance is building at $2,300 and the major barrier is at $2,360.
A break above $2,360 could push Ethereum towards $2,420, but failure to overcome this resistance could lead to further declines, with support levels at $2,265 and $2,250. A drop below $2,250 could see prices fall to $2,200 or even $2,150.
Technical indicators, including the relative strength index (RSI) below 50, reflect weak buyer activity, indicating that sellers are still dominating. The moving average convergence divergence (MACD) remains in the bearish zone, suggesting limited potential for a strong recovery.
Overall, the near-term outlook for Ethereum remains bearish unless it can overcome the $2,360 resistance. Continued bearish signals from both the RSI and MACD suggest there is little likelihood of a significant rebound, with further declines possible.
Crypto analyst Benjamin Cowen has shared a cautious outlook for Ethereum (ETH), highlighting that the cryptocurrency is currently trading around 40% below its March 2024 peak. Cowen indicated that Ethereum might decline further by at least 5% relative to Bitcoin (BTC). When analyzing the ETH/BTC chart, Cowen noted that Ethereum is likely to find a […]
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Ethereum (ETH) has been in a downtrend since falling below $3,000 six weeks ago, signaling a potential continuation of the correction. Reports hinting at a possible rejection of applications for a spot U.S. Ethereum ETF added to market pessimism. Analysts predict even lower prices for Etherium if these ETF applications are rejected, in line with […]