Ethereum, Resistance Breakout Fails...Warning of Further Decline

▲ Ethereum (ETH)

Ethereum (ETH) has failed to break through the $2,425 resistance level, facing downward pressure, and warnings of further declines are intensifying.

According to virtual asset media NewsBTC on April 24 (local time), Ethereum recently began a correction in the $2,425 range and is trading below $2,365 and the 100-hour simple moving average. In particular, the upward trend line that served as support at $2,340 on the hourly chart has broken down, amplifying market uncertainty.

Technical indicator analysis shows that Ethereum is currently trying to recover its losses by defending its price above $2,285. The primary resistance is around $2,355, and to overcome this, it must break through the strong ceilings at $2,385 and $2,425. If $2,425 is successfully broken, there is a possibility that an upward path could open, passing through $2,450 to $2,550 in the short term.

Conversely, if Ethereum fails to overcome the $2,385 resistance, there is a risk of a new downtrend beginning. Key support levels are formed in the $2,285 and $2,255 ranges, and analysis suggests that if $2,255 collapses, it could retreat past $2,200 to the $2,120 level. Currently, the Moving Average Convergence Divergence (MACD) is gaining momentum in the bearish zone, and the Relative Strength Index (RSI) has also fallen below 50, indicating a dominant selling pressure.

Market analyst Aayush Jindal noted that Ethereum is showing weakness compared to Bitcoin. Jindal diagnosed that Ethereum would only have a chance to rebound if it stably maintains a price level above $2,255. Investors are maintaining a cautious approach, closely watching changes in technical indicators and whether key support levels are maintained.

Ethereum continues to struggle with the goal of reclaiming the psychological resistance level of $2,400. Amid macroeconomic uncertainties and market supply-demand imbalances, global investors are focused on whether Ethereum can halt its downtrend and secure new upward momentum.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*