Key Takeaways:
Ethereum failed to clear the $2,750 resistance zone.
ETH/USD is still below a crucial bearish trend line with resistance at $2,850 on the daily chart.
The price must stay above $2,400 to attempt an upside break above $2,750 and $2,850.
Ethereum (10)
Ethereum (ETH) is still struggling below the $2,750 level. The price might see another decline if it fails to settle above $2,750.
Ethereum Price Faces Key Challenges
In the past few days, Ethereum saw a decent increase above the $2,500 resistance zone like
Bitcoin
. ETH was able to climb above the $2,620 and $2,650 resistance levels. There was a close above the 23.6% Fib retracement level of the downward move from the $3,566 swing high to the $2,099 low.
Finally, the bulls attempted to clear the
key hurdle at $2,750
but failed. The price even failed to test the $2,750 resistance and corrected some gains. The last two daily candles signal uptrend exhaustion in the short term.
Ethereum price daily chart | Source: ETH/USD on
TradingView.com
Ethereum is slowly moving lower below the $2,650 level, but it is well above the 50-day simple moving average (blue). More importantly, the price is still below a crucial bearish trend line with resistance at $2,850 on the daily chart.
The current price action suggests that the price might dip further below the $2,600 level. Immediate support is near the $2,550 level. The first major support sits near the $2,500 level. The next support is near the $2,440 level and a connecting bullish trend line on the same chart.
A daily close below the $2,440 level might send ETH toward the $2,320 support. If the bulls fail to defend the $2,320 support, ETH might even decline below the $2,150 support. The next major support is near the $2,050 level.
Fresh Increase In ETH?
Conversely, Ethereum might remain stable above $2,600 or $2,440 and attempt a fresh increase. On the upside, the price could face resistance near the $2,700 level. The first major resistance sits near the $2,750 pivot level.
The next resistance is near the $2,850 level, the bearish trend line, and the 50% Fib retracement level of the downward move from the $3,566 swing high to the $2,099 low. A clear move above the $2,850 level could open the doors for a move toward the $3,000 level.
The next hurdle could be near the $3,220 and $3,250 levels. If ETH bulls push the price above the $3,250 resistance, there could be a strong increase. In the stated case, the price could rise toward the $3,550 level.
Overall, Ethereum price is struggling to settle above $2,750. If ETH dives below $2,440, there could be a larger decline toward $2,050 in the coming days.