Ethereum Price Struggles at Key Resistance: Will Bulls Overcome the Hurdle?

Ethereum began to recover, taking nearly 10% above a recovery at a recent price trough. However, Ethereum Price Struggles as the cryptocurrency is currently on the verge of experiencing strong resistance around $2,920, so the upward trend’s sustainability is questionable. Nevertheless, ETH is still trading just above the peak and below essential technical specifications, hence pointing out a probable decline of its upward trend with time.

Ethereum Price Attempts Recovery

After a heavy sell-off, Ethereum fell below the $2,800 level, while it further dropped and performed worse than BTC to reach $2,120. Such a drop of more than 25% was an assurance of overwhelming bearish dominance in the marketplace.

Nevertheless, Ethereum Price Struggles as Ethereum started searching for support and was able to create a new uptrend. ETH went up and crossed the $2,500 mark, as well as the 50.0% Fib retracement of the sharp sell-off from the $3,403 high and the $2,127 low. Though the bulls initiated the buying spree to push the price further up, some resistance can be observed around the $2,900 region which also supports a bearish trend line.

Key Resistance Levels to Watch

Ethereum is trading beneath $2,900 and the 100-hourly SMA might provide the crucial support for the bulls to climb to new heights. There is also an obvious bearish trend line drawn at $2,920 on the one-hour chart of ETH/USD, which makes this level rather important for the pair.

It is currently at $2,900 and the trendline is at $2,920. Breaking above this level may extend the recovery_ toward the $3,000 psychological level. Furthermore, this level equals the 61.8% Fib retracement of the downward movement from $3,403 to $2,127, which is an important level for Ethereum’s price.

There are numerous levels that will be triggered whenever the ETH/USD pair clears above this resistance level, which is $3,120 in this case. A break above this level would provide a more profound short-term outlook towards $3,250 or even $3,320.

Will Ethereum be Able to Sustain this Bull Run?

Therefore, if the crypto has to be in a more substantial positive phase of price move then Ethereum is needed to show a price break out above a $2,900 to $2,920 rate range. Failing to do so may lead to another wave of selling which would further bring down the prices of the shares.

His thoughts were that unless Ethereum rises and goes above $2,900, it might decrease again. The nearest level of potential support is located at $2,765 and represents a level capable of containing further descent. Below this key level, the necessary support level is where the price is $2,650.

Should the selling pressure increase and ETH retest the $2,650 support level, the next support level would be located around $2,500. This may give way to further declines to the next support level at $2,420 for Ethereum. Ethereum Price Struggles if this level is not kept, the price could reach the $2,350 level in the near term, aggravating the ongoing correction.

Market Sentiment and Broader Crypto Trends

Thus, the price chart indicates that Ethereum price fluctuation is not only a result of technical details but there are external conditions as well. The general sentiment stays mixed with new macroeconomic events, regulatory updates, and overall Bitcoin trends giving investors something to watch attentively.

Previously, Ethereum did not perform as well as Bitcoin, which shows that all altcoins, in general, experience a stronger resistance no matter how the market tries to recover. Changes in the global market and continued regulation concerns could be factors that are inhibiting the decision-making process by investors.

Moreover, future changes in networking and networking facilities in the Ethereum platform could help explain its movement. Well, expectations are high in light of the improvement in Ethereum’s processing speed via some of the upgrades including the upcoming Pectra Upgrade.

Technical Indicators & Price Outlook

There are a number of technical factors that support the conclusion that Ethereum is at a crossroads at the moment:

• MACD by the hour: As of this writing, the MACD for the ETH/USD pair is gradually trending upward in the bullish territory, which may mean some strength in the bulls’ attempt to stage a rebound.
• Hourly RSI: Currently, the RSI for ETH/USD is more than 50 which indicates that buyers are regaining control in the market gradually.
• Major Support Levels: $2,765, $2,650, and $2,500.
• Major Resistance Levels: $2,900, $2,920, and $3,000.

As ETH goes through the process of recovery, people are eager to know whether it is capable of staying above the critical levels of resistance. This kind of action could then open up room for more gains and trading above $2,920-$3,000 might set higher highs whilst failure to reclaim this area might bring back lower lows. Ethereum Price Struggles as it faces this crucial test.

What’s Next for Ethereum?

The bullish run in Ethereum’s price is still uncertain following strong resistance close to $2,920. However, having come so low, the cryptocurrency has since made a slight recovery, but it is still uncertain whether it will be able to move higher still. The next few days will determine how ETH will face some technical levels, which has got the market’s attention.

Ethereum could therefore climb to $3,120 or more if the price manages to rise above the $3,000 level amid the bullish run. However, this is a situation that may trigger the asset to go back to the support levels of $2,765 or even $2,500.

The price of Ethereum is, therefore, likely to be highly volatile, and investors and targeted traders should keep their eyes on key technical signals in addition to other broader market forces in order to trade it effectively. Currently, the crypto space is expecting some catalysts, such as network upgrades and changes in the broader economic landscape, which implies that Ethereum Price Struggles will continue to fluctuate in the short run.