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Ethereum (ETH) Price Struggles With Key Resistance Levels

September 17, 2024 19:00 1 min. read
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Ethereum (ETH) Price Struggles With Key Resistance Levels

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.

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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.

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