- The ETH price faces a difficult challenge to surpass $2,200 because technical indicators point toward a sustained sale trend.
- A price level between $1,900 to $2,000 acts as a critical area because falling below it could trigger a drop to $1,500.
- ETH will target multiple big gains up to $6,000, $8,000 and possibly $10,000 once it surpasses $3,900-$4,300 resistance area.
After dropping into undervalued territory and facing setbacks with the Holesky testnet during the Pectra upgrade, ETH has been struggling to regain the $2,200 level. The cryptocurrency saw a sharp 15% decline on Monday and has since faced challenges in recovering.
The ETH market price currently shows a drop to $2,144.47 while presenting a decline of 2.0% which indicates bearish patterns over short periods. ETH remains strong within the crypto market because it has increased 0.3% against Bitcoin while being priced at 0.02480 BTC. Ethereum prices show moderate price volatility since its levels are between $2,114.10 and $2,244.58 within the last 24 hours.
The resistance level at $2,244.58 signifies a point where selling pressure has emerged, preventing further upward movement. Conversely, the support level at $2,114.10 acts as a key zone where buyers have stepped in to stabilize the price.
Technical Indicators Suggest Bearish Momentum
The (MACD) indicator shows bearish momentum, as both the MACD line (-165.27) and signal line (-177.55) are in negative territory. This suggests that selling pressure remains strong, and a potential recovery might take time unless momentum shifts.
The (RSI) stands at 35.81, nearing oversold conditions which could indicate that ETH is approaching a possible reversal or at least temporary relief from selling pressure.
Ethereum (ETH) Weekly Market Outlook
The Ethereum (ETH) weekly analysis from Cryptopatel showcases a significant market structure, highlighting key support and resistance zones, as well as potential future price movements. From the chart analysis, it reveals a major retracement, with ETH having dropped approximately 51% in the last three months, signaling a correction phase within the broader bull cycle.
The accumulation zone is between $2000 and $1900, representing a crucial level where buyers have historically entered the market. A successful ETH price stay above this support zone might create a robust base for the following upward price movement. Failure to keep current support levels might cause ETH to stabilize near the $1500 mark although this price point acted as long-term support in past cycles.
The resistance zone is located around $3900 to $4300, which has historically been a strong supply area where price struggles to break through. A successful breakout above this level could lead to higher upside targets of $6000, $8000, and potentially $10,000, as indicated in the blue target area.Ethereum’s price outlook remains uncertain, with bearish momentum dominating the short term.
