- Ethereum bulls face significant resistance at the 200-day SMA, preventing a move toward higher price levels like $3,500.
- The price is testing a crucial support at $2,630, with a breakdown below it potentially triggering further declines.
- Weakening bullish momentum raises concerns, as failure to hold support could lead to a shift toward bearish market control.
Captain Faibik notes that Ethereum (ETH) bulls face a strong resistance at the 200-day Simple Moving Average (SMA). Attempts to overcome this important price range have not worked, which suggests that the upward motion is fading. If ETH can overcome the MA200 and continue above it, there is a chance for the price to shift toward $3,500-$3,600. But if this were not possible, the situation would remain unpredictable.
Source: X
At this moment, the price is at a major tipping point as Ethereum is poised to test the support line at $2,630 on the 4-hour chart. Rose Premium Signals pointed out that this level was especially important to watch. If the support at $600 is not held, then Ethereum could drop even further. Traders are monitoring the market for a potential price drop in the event of a breakdown.
Ethereum’s Trendline Support at Risk
For Ethereum, the trendline support level serves as a crucial point; a failure below it might mean other support zones tend to become relevant. The next support is at $2,532, with an even deeper one found at $2,471. If Ethereum continues to fall to these prices, it may increase negative expectations, stopping the cryptocurrency from recovering soon. Consequently, the market is under increased pressure, as traders wait for any sign of sudden price changes.
Source: X
Since Ethereum’s price fell sharply and it failed to hold onto its trendline support, the bullish trends seem to be weakening. Traders now worry that the bullish trend might be slowing down. If the price of Ethereum fails to improve in the immediate hours, the chance of bears taking over the market rises.
ETH’s Path to $3,600
If Ethereum manages to overcome the 200-day SMA, it would become much easier for the price to rise to $3,500 – $3,600. A continued climb above the 200-day moving average would mean buyers are confident and could lead to another rally to higher prices. While this situation continues, the cryptocurrency has to walk a fine line between stability and a bigger downward move.
Ethereum’s price movement this week could influence its short-term future. Should bulls manage to get past the key resistance and regain the trendline, the market can go up. Yet, not acting properly can result in more sellers taking part, possibly affecting market opinion and bringing the market down to lower goals.
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