Ethereum Price Struggles to Recover: Short-Term Outlook Weak

Ethereum has faced significant challenges in the market recently, with its price dropping below the critical $2,350 mark. This decline has raised concerns among investors about the cryptocurrency's short-term recovery potential, as it continues to consolidate losses and faces resistance levels that may hinder any upward movement.

Key Takeaways

• Ethereum price has fallen below $2,350 and $2,320.

• Current trading is below $2,310 and the 100-hourly Simple Moving Average.

• A bearish trend line is forming with resistance at $2,360.

• A recovery wave is contingent on clearing the $2,360 resistance.

Current Market Situation

Ethereum's price has recently entered a bearish phase, failing to break through the $2,450 resistance level. This failure has led to a decline below both the $2,400 and $2,350 support levels, pushing the cryptocurrency into a bearish zone. The price even dipped below $2,320, reaching a low of $2,253 before attempting to consolidate losses.

Currently, Ethereum is trading below $2,310, which is compounded by the 100-hourly Simple Moving Average. The price is encountering significant hurdles near the $2,300 level, with a declining channel forming that adds to the resistance.

Resistance and Support Levels

The following key levels are crucial for Ethereum's price movement:

1. Major Resistance Levels:

2. Major Support Levels:

If Ethereum can break above the $2,360 resistance, it may signal a potential recovery, with the next target being the $2,420 resistance zone. However, if it fails to clear this resistance, further declines could be imminent.

Technical Indicators

• Hourly MACD: The MACD for ETH/USD is currently losing momentum in the bearish zone, indicating a lack of buying pressure.

• Hourly RSI: The Relative Strength Index (RSI) for ETH/USD is below the 50 zone, suggesting that the market sentiment is leaning towards bearishness.

Conclusion

The outlook for Ethereum remains weak in the short term as it struggles to regain lost ground. Investors are advised to monitor the key resistance and support levels closely, as these will dictate the cryptocurrency's next moves. A clear break above $2,360 could pave the way for a recovery, while failure to do so may lead to further declines in the coming days.

Sources

• Ethereum Price Struggles to Recover: Short-Term Outlook Weak, Crypto News.net.

• Ethereum Price Struggles to Recover: Short-Term Outlook Weak – Ƀitsell X, Bitsell X.

• Ethereum Price Struggles to Recover: Short-Term Outlook Weak, Crypto Adventure.