Ethereum

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-resistance-below-2950-potential-decline-ahead/" data-wpel-link="internal">Ethereum Faces Resistance Below $2950, Potential Decline Ahead</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/ethereum-technical-analysis-important-levels-to-watch/" data-wpel-link="internal">Ethereum</a></strong> <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> is recently encountering resistance below the $2,950 level, gaining downward momentum. This situation is causing concern within the cryptocurrency community, indicating that a significant support level of $2,550 could be tested in the near term. At such a stage, <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> are inevitably feeling anxious.</p> 
<h2 style="text-align: justify" id="ethereum-struggles-to-overcome-price-range">Ethereum Struggles to Overcome Price Range</h2> 
<p style="text-align: justify">Struggling to surpass the $2,950 resistance, Ethereum has entered a new downtrend. The price is trading below $2,920 and also below the 100-hour Simple Moving Average. On the hourly chart of the ETH/USD pair, a significant downtrend line is observed at the $2,910 resistance, indicating a clear downward trend.</p> 
<p style="text-align: justify">Unlike leading cryptocurrencies such as Bitcoin, Ethereum’s price cannot surpass the $2,950 resistance. The highest level was around $2,951, followed by a price decline. A steady decline was observed below the $2,920 and $2,900 levels. After reaching a low of $2,864, the price is currently trying to consolidate losses.</p> 
<p style="text-align: justify">Currently, Ethereum is trading below $2,950 and the 100-hour Simple Moving Average. The immediate resistance is near the $2,900 level, while the first major resistance is at $2,920. In the upcoming period, Ethereum is likely to face resistance at the $2,950 level. If these levels are surpassed, the price could rise to $3,020.</p> 
<h2 style="text-align: justify" id="major-decline-possible-if-ethereum-fails-to-break-resistances">Major Decline Possible if Ethereum Fails to Break Resistances</h2> 
<p style="text-align: justify">If Ethereum fails to overcome the $2,920 resistance, further losses could occur. Market analysis suggests that ETH could drop towards the $2,865 level. A move below this level could lead the cryptocurrency down to the $2,840 region.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-350681 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/eth-4.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">The next support level that could be decisive for Ethereum in the coming period is around $2,780. However, a break below this level could cause ETH to retreat to $2,650. Moreover, if this downward trend continues, the price could potentially drop to $2,550 in the near future.</p> 
<h2 style="text-align: justify" id="what-does-technical-analysis-say">What Does Technical Analysis Say?</h2> 
<p style="text-align: justify">Technical analysis shows that the hourly MACD is gaining momentum in the bearish zone for the ETH/USD pair. Additionally, the hourly RSI (Relative Strength Index) for ETH/USD is currently below the 50 level. This situation also indicates increased selling pressure.</p> 
<p style="text-align: justify">In summary, the main support level for Ethereum is identified at $2,865, while the main resistance level is seen at $2,920.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-faces-resistance-below-2950-potential-decline-ahead/" data-wpel-link="internal">Ethereum Faces Resistance Below $2950, Potential Decline Ahead</a></h5>

Ethereum Faces Resistance Below $2950, Potential Decline Ahead

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