Price Of ETH Endangered, Experience Slight Decline, Spots Obstacles

Ethereum (ETH), is at a crossroads as it struggles with high resistance levels. Experts have opined that unless the major obstacles preventing the digital asset’s upward momentum are effectively overcome, the asset’s price may be at risk of a dramatic decrease.

According to the most recent trading statistics as published on the NewsBTC platform, Ethereum’s price has difficulty rising beyond the $1,625 barrier. This level has proven to be a powerful barrier in recent trading sessions, preventing ETH from extending its gains.

The 76.4% Fibonacci retracement level has shown the major technical indicators emphasizing the barrier that ETH faces. This retracement level, which spans the $1,654 (high) and $1,607 (low), is determined from the most recent fall.

Analysis has it that the Fibonacci retracement level’s proximity to the $1,625 resistance heightens the significance of the barrier. In addition to being a psychological resistance level, this level also falls on a trendline and the 100-hourly Simple Moving Average (SMA). These resistance elements combine to form a strong barrier to the price of ETH.

Analysis: Ethereum Struggle To Revive Its Support Level At $1,585

ETH’s first important support level is now located close to $1,585. A test of lower support levels could occur if the stock fails to hold this support, which could set off another sharp downturn. Cumulative analysis has it that Ethereum’s price is trapped between these critical support and resistance levels, introducing a characterized degree of uncertainty into the present market conditions.

Observations, as gathered from different expert social media sources, have it that the price of Ethereum has fluctuated significantly in recent weeks due to various variables, including macroeconomic events, regulatory changes, and market sentiment. According to the available data, the previous support is low, very close to the $1,610 level.

It is also expected that the next major support level will be at $1,600. Ethereum’s major support stands close to  $1,585 as of press time. However, the Average Convergence Divergence (MACD) for ETH to the U.S. Dollar is currently gaining more resistance in the bearish terrain. Also, Relative Strength Index (RSI) is currently beneath 50 level.

Ethereum Community Optimistic, Monitors Developing Trend

Market watcher Harold Vazquez from biz.crast.net has added that the price changes of other digital assets, such as Ethereum, are frequently influenced by Bitcoin, which acts as a bellwether for the larger cryptocurrency market.

It will be widely watched in the coming days to see if Ethereum can overcome the formidable resistance levels and hold onto key support. Traders will watch the confirmation of a breakout above the $1,650 resistance as a possible indicator of resumed bullish momentum.

A cryptocurrency analyst, Aayush Jindal from NewsBTC, has explained that a $1,585 downward break is possible, which may trigger another major decline. Jindal added that any losses at this stage could send the Ethereum back to the $1,500 price mark. On the flip side, the ETH price is expected to face a very close resistance to the $1,630 mark.

The current ETH price is 50% Fibonacci retracements, considering the current decrease from its previous $1,654 high to the $1,607 low. Also, the current trend line is near the 76.4% Fibonacci retracements stand, from its previous  $1,654 high- $1,607 low. With the data on ground, reaching beyond the $1,650  price resistance level may send the price of ETH toward hitting the major resistance mark at $1,665.