Technical Analysis: Ethereum Struggles to Break $2K Resistance Level
The price of Ethereum has been held by the 100-day moving average, providing support and preventing further declines. However, the cryptocurrency has been unable to surpass the crucial resistance level at $2K, indicating a lack of demand.
The Daily Chart
On the daily chart, the price of Ethereum has faced rejection after multiple attempts to break through the $2K resistance region within the last month. This rejection coincided with a decline in bullish momentum, attributed to increased selling pressure around that level, resulting in minor rejections and relatively stable price action.
The 100-day moving average, currently at $1,854, has consistently provided support and prevented further declines over the past few weeks. Nevertheless, the breakout from the significant price range between the 100-day moving average and the $2K resistance level will likely play a crucial role in determining Ethereum’s prospects in the mid-term.
Key Points:
- The 100-day moving average has acted as a support level for Ethereum.
- The cryptocurrency has been unable to surpass the resistance level at $2K.
- Selling pressure around the $2K level has resulted in minor rejections and stable price action.
- A breakout from the price range between the 100-day moving average and the $2K resistance level will be important for Ethereum’s future.
Hot Take:
Ethereum’s struggle to break the $2K resistance level is a clear indication of a lack of demand. While the 100-day moving average has provided support, the cryptocurrency needs to break out from this range to see positive prospects in the mid-term. Crypto readers should closely monitor Ethereum’s price action and the interaction between the 100-day moving average and the $2K resistance level to gauge its future performance.
By
By
By
By