Ethereum Price Under Pressure: Faces Major Resistance Amid Weakness

Ethereum (ETH) faces significant resistance, trading below crucial moving averages. With selling pressure mounting, ETH remains stuck between $1,750 and $1,900. Key averages indicate a bearish trend, presenting risks for further declines unless major resistance is overcome.

Ethereum (ETH) is grappling with significant selling pressure as it remains pinned beneath crucial resistance levels. Following some upward movements earlier this month, ETH is still struggling to regain lost ground, largely failing to break past the 50-day and 100-day exponential moving averages (EMAs). Currently, the asset confronts major obstacles between the $1,850 and $1,900 mark, which has proved tough to overcome.

If we look at the weekly charts, the situation appears even worse. Currently priced around $1,820, Ethereum is trading markedly below key averages like the 8-week, 20-week, and 50-week simple moving averages (SMAs). To put it starkly, the 50-week SMA stands at $2,850 while the 20-week SMA is at $2,560. Historically, such levels signify bearish market sentiment and suggest further price declines could be ahead.

The pressure mounts as Ethereum remains below nine out of ten significant moving averages tracked by analysts. This technical imbalance suggests a prevailing downward trend, which complicates any attempts at a sustained price rally. Moreover, resistance from the 200-week SMA at $2,450 and the 250-week SMA at $2,220 looms large.

Unless ETH makes a decisive break above these pivotal resistance points, any bullish movements are likely to remain fragile at best. In the immediate future, Ethereum might continue to be confined within the trading range of $1,750 to $1,900. However, it’s worth noting the risks lean heavily towards a downturn, particularly without a clear breakout over the $2,000 threshold, which would be crucial for joining in broader market gains.