Ethereum

bullish

Movement

Resistance

<ul>
 <li>Ethereum is consolidating between $2,843 and $2,510, trading at $2,590.</li>  
 <li>A drop below $2,843 may lead to declines towards $2,400.</li>  
 <li>Breaking above $2,843 could push Ethereum towards $3,396.</li> 
</ul>  
<p><a href="https://cryptonewsland.com/does-ethereum-eth-have-the-potential-to-outperform-bitcoin-btc-in-the-future/" target="_blank" rel="noopener noreferrer nofollow">Ethereum's price</a> is currently navigating a crucial trading range that could determine its near-term direction. Presently, Ethereum is consolidating between two key levels: the 50% retracement level at $2,843 and the recent low of $2,510 recorded on August 12. As of writing, <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH is trading slightly higher by 0.75%</a>, standing at $2,590.</p>  
<h2 class="wp-block-heading" id="h-resistance-and-support-levels">Resistance and Support Levels</h2>  
<p>The $2,843 level is proving to be a significant resistance point. If Ethereum cannot maintain this level and closes below it, the price could fall to $2,510, which is the most recent support level.&nbsp;</p>  
<p>Should this support fail, Ethereum might experience a further decline of approximately 4.5%, potentially testing the psychological support at $2,400. Such a drop could signal a deeper bearish trend, indicating weaker market confidence.</p>  
<p>Analyzing the daily chart reveals that both the Relative Strength Index (RSI) and <a href="https://www.tradingview.com/support/solutions/43000501826-awesome-oscillator-ao/" target="_blank" rel="noopener noreferrer nofollow">the Awesome Oscillator (AO)</a> are trading below their neutral levels of 50 and zero, respectively. This positioning reflects a weakening momentum and suggests that the market may be bracing for a bearish trend.&nbsp;</p>  
<p>The RSI and AO’s current levels are often associated with diminishing buying interest and potential for further price decline.</p>  
<h2 class="wp-block-heading" id="h-potential-for-upside-movement">Potential for Upside Movement</h2>  
<p>On the flip side, closing above the $2,843 resistance could mark a shift towards a <a href="https://www.investopedia.com/terms/b/bullmarket.asp" target="_blank" rel="noopener noreferrer nofollow">bullish phase</a>. A successful breakout above this level might propel the price towards the high of $3,396 observed on July 29.&nbsp;</p>  
<p>This move would establish a higher high on the daily chart, which is a positive technical signal. Ethereum's price action around these key levels is pivotal.&nbsp;</p>  
<p>A break above $2,843 could signal a bullish trend, while a drop below $2,510 might lead to further declines. Investors should closely monitor these technical indicators to gauge the cryptocurrency's next moves.</p> 
<p>The post <a href="https://cryptonewsland.com/ethereum-faces-key-test-at-2843/" rel="noopener noreferrer nofollow">Ethereum’s Critical Test: Will $2,843 Hold or Lead to a Steep Decline?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ethereum’s Critical Test: Will $2,843 Hold or Lead to a Steep Decline?

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