Is Ethereum Price Indicating Bullish Fatigue? Can the Bulls Rescue the Week?

Key Takeaways:
Ethereum is facing difficulties in surpassing the $3,300 resistance level.
On the weekly chart, ETH/USD is still maintaining support above an important parabolic curve at $3,000.
If the price closes below $3,000 on a weekly basis, there is a possibility of a significant decline.


New Delhi (CoinChapter.com): The Ethereum (ETH) price is encountering obstacles in its attempt to surpass $3,300. If the bears manage to push the price below $2,900-$3,000, a sharp decline could follow.
Ethereum Price Approaching a Critical Point
In our previous weekly analysis, we emphasized the significance of the $2,900 support level for Ethereum. The ETH price managed to stay above this support zone and recently made an effort to initiate a recovery wave, similar to Bitcoin. It experienced a slight increase above the $3,050 and $3,150 levels.
However, the bears became active around the $3,250 and $3,300 levels. The price had previously experienced a significant decline below the 50% Fibonacci retracement level of the upward movement from the $2,172 swing low to the $4,082 high. The price tested the $2,900 support level and entered a consolidation phase.


Ethereum price weekly chart | Source:
ETH/USD
on TradingView.com
The bulls are currently putting up a strong fight near the $2,900 and $3,000 support levels. Additionally, Ethereum is still maintaining support above a crucial parabolic curve at $3,000 on the weekly chart.
The last two candles now indicate a potential pattern of bullish exhaustion. However, for the bears to gain control, there needs to be a weekly close below the parabolic curve, the $2,900 support zone, and the 61.8% Fibonacci retracement level of the upward movement from the $2,172 swing low to the $4,082 high.
If Ether falls below the $2,900-$3,000 support zone, a major pullback could occur. In such a scenario, the bears might aim for a move towards the $2,620 support zone. The next significant support lies near the 50-week simple moving average (blue) at $2,200.
Possibility of a New Rally in ETH?
On the other hand, if Ethereum manages to remain strong above the curve support, it might attempt another increase. The immediate resistance is around the $3,250 level. The first major resistance lies at $3,300. If the price successfully surpasses the $3,300 resistance, it could pave the way for a move towards the $3,630 resistance.
The subsequent key resistance could be at $3,880. A close above the $3,880 level might trigger a move towards the $4,000 resistance. Further gains could potentially push the price towards the $4,400 level in the upcoming weeks.
Overall, the Ethereum price is displaying a few bearish signals below $3,300. If the bulls fail to secure a weekly close above $2,900, there is a possibility of further losses towards $2,200. Conversely, the price might embark on another ascent towards $3,630 in the coming weeks.