Ethereum under pressure after a bound bounce of the resistance level

Ethereum faces a new wave of pressure after its failure to exceed the level of resistance at $ 2,680, as the price lost its momentum and began to decline to test again decisive support levels.

The price declined after failing to penetrate the resistance

Ethereum price movement witnessed an attempt to penetrate the level of $ 2,680, but that attempt was not completed, and as a result, the price decreased without levels of 2,620 and 2,600 dollars, which led to a breaking line line that was temporary support at $ 2,540, and this decrease pushed the price towards a $ 2,450 region, which has now become a point of stagnation around which the price moves exactly.

Possible residences in the way of any recovery attempt

The price is currently trying to cohesion and return towards the top but it faces several obstacles, the first of which is the 2,540 dollar region, which constitutes a first resistance wall in the face of any short -term recovery, and if the price succeeds in overcoming it, the following resistance appears at $ 2,565, which is a point that intersects with the level of Fibonacci 50% of the last descending wave, and the real challenge lies in exceeding the level of $ 2,620 in which in the level If it is penetrated, it may allow a gradual return of about $ 2,680, and perhaps further.

The fate of the currency is subject to its stability above support

The negative scenario remains existing unless Ethereum has succeeded in penetrating the aforementioned levels, and continuing weakness or closure below $ 2,500 may return the bears to the interface strongly, and the following actual support is located at $ 2,450, and if it is clearly broken, the price may decrease to $ 2,320, and with the possibility of reaching $ 2,240, then 2,150 dollars if sales operations accelerate.

Technical indicators enhance a cautious outlook

Technical indicators show the continuation of the declining tendency on the short time frames, and the MACD index has a significant momentum and is currently moving in the negative area, which reflects a decline in the ability of buyers, while the RSI index (RSI) has broken the level of 50 and heads down, which indicates the sellers’ control of the market at the present time, although it has not yet reached the areas of saturation.