Ethereum Buyers Struggle to Break Resistance at $2K
Ethereum buyers have been facing difficulties in pushing the price above the crucial resistance level of $2K. However, the price is currently trading within a crucial range, bounded by this resistance level and the support provided by the 100-day moving average.
Technical Analysis
By Shayan
The Daily Chart
On June 21st, Ethereum successfully surpassed the 100-day moving average and continued its uptrend after a pullback. It eventually reached the critical resistance area at $2K. However, the bullish momentum faded as selling pressure increased, leading to minor rejections.
Despite this, the price has found support at the 100-day MA, currently at $1,867. This support level has prevented further declines in the past few weeks. A breakout from this significant price range will be crucial in determining Ethereum’s prospects in the mid-term.
Key Points:
- Ethereum buyers have been struggling to break the resistance at $2K
- The price is currently trading within a range bounded by the resistance level and the 100-day moving average
- A breakout from this range will determine Ethereum’s future prospects
- The price found support at the 100-day moving average, preventing further declines
- Selling pressure has resulted in minor rejections at the critical resistance level
Hot Take:
Ethereum buyers are facing a significant challenge in pushing the price above the $2K resistance. The support provided by the 100-day moving average has been crucial in preventing further declines. The upcoming breakout from this range will be critical in determining the future direction of Ethereum.
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