Ethereum

Cryptocurrency

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-challenges-in-breaking-key-resistance-levels/" data-wpel-link="internal">Ethereum Faces Challenges in Breaking Key Resistance Levels</a><br></p>
<p style="text-align: justify"><strong>Cryptocurrency</strong> <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> recently shows <strong><a href="https://en.coin-turk.com/paradigm-transfers-6500-eth-to-coinbase-sparking-market-speculation/" data-wpel-link="internal">Ethereum</a></strong>‘s dependency on <strong>Bitcoin</strong>. Ethereum awaits an upward breakout above $2,900. However, certain levels must be surpassed for this rise.</p> 
<h2 style="text-align: justify" id="ethereum-price-below-3-000">Ethereum Price Below $3,000</h2> 
<p style="text-align: justify"><strong>Ethereum</strong> has recently formed a solid base above the $2,860 support area. However, the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> is still trading below $2,950, indicating that bulls are struggling to control ETH. There is a significant downtrend line resistance at $2,905 on the hourly chart of the ETH/USD pair. Therefore, a close above the $2,940 and $2,950 resistance levels could provide positive momentum for Ethereum.</p> 
<p style="text-align: justify">This movement in Ethereum’s price attracts <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>‘ attention. However, certain resistance levels need to be surpassed for ETH to rise further. The immediate resistance is near the $2,910 level.</p> 
<p style="text-align: justify">In the case of an upward breakout, the price is expected to move towards the $2,925 level. However, the first major resistance is at the $2,940 level. Surpassing this level could allow Ethereum to rise towards the $3,000 level. At this point, if the price makes a clear move above the $3,000 level, the $3,050 resistance could be tested.</p> 
<h2 style="text-align: justify" id="challenging-process-shows-itself">Challenging Process Shows Itself</h2> 
<p style="text-align: justify"><strong>ETH</strong> price shows a downward trend as it failed to surpass the $2,925 resistance in recent days. If this resistance level cannot be surpassed, a new downward wave could start for the <strong>cryptocurrency</strong>. Currently, the first support for the ETH/USD pair is near the $2,880 level. However, in the case of a larger decline, stronger support is expected around the $2,860 area.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-351487 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/ethereum-2.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">Examining the charts, the next major support level for ETH is around $2,860. A break below this level could push the price further down towards the $2,810 level. Therefore, a clear move below the $2,810 support could indicate more losses for ETH and push the price towards the $2,740 level. In this case, a price target of $2,650 could be considered in the near term.</p> 
<h2 style="text-align: justify" id="what-do-technical-indicators-say">What Do Technical Indicators Say?</h2> 
<p style="text-align: justify">Looking at the technical indicators, the four-hour MACD is losing momentum in the bearish zone for <strong>ETH/USD</strong>. Additionally, the four-hour RSI is currently below the 50 level. This indicates that the selling pressure might continue.</p> 
<p style="text-align: justify">The $2,860 support level needs to be closely monitored as a decisive level in the market. If this support breaks, the solidity of the next main support level at $2,810 will become important. On the other hand, if the price surpasses the $2,925 resistance, a renewed upward trend could start for ETH.</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-challenges-in-breaking-key-resistance-levels/" data-wpel-link="internal">Ethereum Faces Challenges in Breaking Key Resistance Levels</a></h5>

Ethereum Faces Challenges in Breaking Key Resistance Levels

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