In the volatile world of cryptocurrency, Ethereum (ETH) has recently been facing significant market challenges. As per insights from Skew, a notable trading strategy developer, Ethereum’s current market position appears precarious. The analysis highlights Ethereum’s struggle at key resistance levels and its potential future trajectories in the market.
Skew’s analysis points out that Ethereum is currently hovering around the 4-hour 300 Exponential Moving Average (EMA), often considered a critical point in an uptrend. Additionally, the Relative Strength Index (RSI) remains below 50, indicating potential market weakness. A key support range has been identified between $2,133 and $2,156.
Ethereum, similar to Bitcoin, attempted a promising rise above the $2,200 mark, briefly surpassing $2,250 and $2,260. However, resistance near $2,300, coupled with the 100-hourly Simple Moving Average, halted this upward trajectory. After reaching a peak near $2,289, Ethereum experienced a downturn, dropping below the $2,250 level and the 23.6% Fib retracement level of the recent upward wave from the $1,860 swing low to the $2,289 high.
If Ethereum manages to surpass the $2,300 resistance level, it might initiate a significant upward movement, with the next substantial resistance near $2,400. Overcoming this could potentially trigger a rally toward the $2,500 mark and possibly extend gains toward the $2,620 zone. Conversely, failure to breach the $2,250 resistance could lead to a fresh decline, with initial support lying around the $2,120 level.
As of this press, Ethereum’s price stands at $2,189.71, reflecting a 24-hour trading volume of approximately $14.65 billion. This translates to a 2.40% decline in the last 24 hours and a 3.90% drop over the past week. With a circulating supply of 120 million ETH, Ethereum’s market capitalization is currently estimated at around $263.53 billion.
