Despite the recent buying pressure, Ethereum seems to be struggling to break out of the $1,700 level.
This suggests that the pressure to reach this price is gradually diminishing. Will the recent momentum continue or will bears use it to drive the price lower?
The daily chart day chart shows resistance around $1,700 to $1,800. This area of resistance, including the 100-day moving average, is seen as a major hurdle for bulls heading toward $2,000.
A break and close above this area will target $2,200 and mark the start of a new bullish trend straddling the 200-day moving average. Even if demand dries up in the area and the bears regain the upper hand, downside risks could be significant.
- Key support levels for Key support levels: $1,500 and $1,350.
Key resistance levels: $1,800 and $2,200.
- Moving average over days
Although it is still above the baseline, it shows that the strength of buyers on the buy side is gradually weakening. The problem may be due to short-term traders making profits at strong resistance.