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Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
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Strict editorial policy that focuses on accuracy, relevance, and impartiality
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Ethereum’s attempt to regain bullish momentum has hit a roadblock, as the price failed to break through the crucial $2,160 resistance level. After showing signs of recovery, ETH faced strong selling pressure at this key level, preventing a sustained breakout and disappointing bullish traders who were hoping for further upside.
Its inability to push past this resistance suggests that bears are still in control, keeping Ethereum’s price under pressure. With the momentum fading and the market sentiment turning cautious, traders are now closely watching key support zones to determine the next move.
Bearish Pressure Mounts: What’s Next For Ethereum?
Ethereum is facing increasing downside pressure as its latest recovery attempt was rejected at the $2,160 resistance level. The failed breakout has reinforced bearish sentiment, with key technical indicators signaling weakness. If buyers fail to step in, ETH could be at risk of deeper declines in the near term.
One of the major warning signs is weak volume during the recovery attempt. A strong breakout typically requires significant buying interest, but Ethereum’s rally lacked momentum, making it easier for sellers to regain control. This lack of conviction from bulls suggests that the upside move was not sustainable, allowing bears to push prices lower.
Support Levels To Watch: Can Bulls Prevent Further Decline?
With attention now turning to key support levels, the first major support to watch is around $1,523, a level that previously acted as a short-term demand zone. If Ethereum holds above this area, it might provide bulls with a foundation for another rebound attempt. However, a break below this level could signal growing bearish dominance, increasing the risk of deeper losses.
Below $1,523, the next key support lies at $902, aligning with previous price reactions and acting as a psychological level for traders. A failure to hold here may accelerate selling pressure, pushing ETH toward other support below.
Conclusion
Conclusion:
In conclusion, Ethereum’s recent attempt to regain bullish momentum has been met with strong resistance, and the price has failed to break through the crucial $2,160 level. The bears are still in control, and the market sentiment is turning cautious. As traders closely watch key support zones, it is crucial to identify potential levels of support and resistance to determine the next move for Ethereum.
FAQs:
Q: What is the current state of Ethereum’s market?
A: The market is currently bearish, with the price failing to break through the $2,160 resistance level.
Q: What are the key support levels to watch?
A: The first major support to watch is around $1,523, followed by $902.
Q: What are the implications of a failure to hold above key support levels?
A: A failure to hold above key support levels could signal growing bearish dominance, increasing the risk of deeper losses.
Q: What are the key technical indicators signaling weakness?
A: The Relative Strength Index (RSI) has broken down, moving below key thresholds, and the Moving Average Convergence Divergence (MACD) has also turned negative.
