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Title: Has ETH Exhausted Its Upward Movements? (Ethereum Price Analysis)
As Ethereum’s price attempts to break through resistance levels, it becomes increasingly evident that the asset may have exhausted its upward movements. The technical analysis provided below highlights this assessment, shedding light on potential bearish implications for Ethereum’s trajectory.
ETH’s daily chart reveals a concerning picture for bulls. Despite recovering from the $1,800 low, the price has lost momentum and continues to trade below crucial resistance at $2,200. Furthermore, the asset is still stuck beneath the 200-day moving average, which sits at approximately $2,900. To regain control, buyers must propel ETH above this key level and maintain their upward trajectory towards $2,400.
Should this not occur, a gradual decline towards the support zone of $1,800-$1,900 is an increasingly plausible outcome. The Relative Strength Index (RSI) also underscores the lack of strong trend direction, as it cools off below the 50 level.
The four-hour chart paints an equally worrisome picture for ETH enthusiasts. As we have seen the price break out from the ascending channel around $2,000, this development signifies a weakening in bullish momentum and a failure by buyers to defend the channel’s support. In addition to the lack of upward movement, the RSI is trending downward, further emphasizing bearish pressure.
If the recent breakdown holds, ETH could potentially revisit the demand zone between $1,900. To neutralize this bearish structure and regain lost ground, Ethereum must climb back above $2,100. However, based on the current data, there appears to be an increasing risk of further downside movements.
Market sentiment analysis also suggests a lack of strong spot market interest from US-based investors. As shown by the Coinbase Premium Index (30-day EMA), this indicator remains in negative territory, implying that institutional or more conservative investors show limited demand or even distribute Ethereum. This consistent negativity typically indicates weak spot market interest and adds to the bearish undertone currently surrounding ETH.
In conclusion, while it is premature to declare an outright reversal of the trend, there are indications that Ethereum’s upward movements may have exhausted themselves. The asset needs a significant catalyst to ignite the bulls once more, as the current chart structure does not inspire confidence in potential buyers.
Source: https://cryptopotato.com/has-eth-exhausted-its-upward-movements-ethereum-price-analysis/
