Ethereum's Bulls on the Defensive as Price Slips Below Key Levels Ethereum (ETH) has once again stumbled, failing to maintain its position above the crucial $2,950 mark, signaling renewed bearish pressure in the market. As the cryptocurrency consolidates recent losses, investors are keenly watching for a potential recovery wave, which hinges on ETH breaking past the $2,850 resistance level. The immediate outlook suggests a challenging path ahead for bulls, who appear to be struggling to defend key price points against persistent selling pressure.
Ethereum Price Faces Renewed Selling Pressure
After an attempted rebound, Ethereum's price encountered significant resistance above $2,950, mirroring Bitcoin's recent struggles. This rejection led to a sharp decline, pushing ETH below the $2,920 and $2,900 thresholds, firmly establishing it within a bearish territory. Bears intensified their grip, driving the price down to a new low of $2,775. Currently, ETH is trading below the $2,870 level and the 100-hourly Simple Moving Average, while a prominent bearish trend line with resistance at $2,925 further compounds the challenge for any upward movement. A successful breach of the $2,850 and then $2,880 (50% Fib retracement) levels is essential for bulls to regain momentum and target the $3,000 resistance zone, with a sustained rally potentially pushing Ether towards $3,080 or even $3,120.
Downside Risks for ETH
Should Ethereum fail to surmount the $2,850 resistance, it risks triggering a fresh wave of declines. Immediate support is anticipated around the $2,800 level, with the most significant support anchored at the $2,775 zone. A decisive break below $2,775 could accelerate losses, pushing the price towards $2,720, and potentially even deeper to the $2,640 region, with the next critical support found at $2,620. Technical indicators underscore the current bearish sentiment: the Hourly MACD for ETH/USD is losing momentum within the bearish zone, and the Hourly RSI has dipped below the 50 mark, reinforcing the probability of continued downside movement.
