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Ethereum

Ethereum Challenged By Bearish Forces As Altcoin Eyes $3,051 Support

Godspower Owie
by Godspower Owie
8 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum has faced significant selling pressure in recent trading sessions as broader market trends turn more bearish. After attempting to break above key resistance levels, ETH has encountered hurdles that suggest the prevailing trend is shifting toward a more negative outlook. As the price begins testing the $3,051 support, a potential breakdown could signal a deeper pullback, which might push ETH toward lower support levels.

Key factors contributing to this bearish sentiment include weakening buying interest, market-wide retracements, and technical indicators signaling further downside risks. Ethereum’s failure to maintain upward momentum, especially after hitting resistance, suggests that the bulls may be losing control, leaving the bears in the driver’s seat.

The $3,051 level is critical for the altcoin’s short-term outlook. If the price fails to hold above this support, it could accelerate the downward move, possibly targeting the next support zone. However, if ETH stabilizes here and shows signs of a bullish reversal, it may regain upward momentum and resume its recovery.

Technical Signals Point To Bearish Shift: What’s Next For ETH?

Ethereum’s technical indicators are painting a concerning picture of the cryptocurrency’s short-term outlook. The price action has struggled to break through key resistance levels, and recent downward movements suggest that the bulls may have lost control.

Related Reading: Ethereum Hints At Key Accumulation Zone Amid Waning Price Performances

As of the time of writing, ETH’s price is still trading below the 4-hour Simple Moving Average (SMA), which suggests bearish pressure is still prevailing in the market. The 4-hour SMA serves as a short-term trend indicator, and when the price is below it, it typically indicates that selling pressure is dominating the market.

Ethereum
ETH’s bearish move pushes price below 4-hour SMA | Source: ETHUSDT on Tradingview.com

This failure to break above the SMA highlights the ongoing struggle for Ethereum to reclaim bullish momentum. Until ETH rises above and closes above the SMA, the downside risks remain intact, and the bears are likely to maintain control.

Furthermore, ETH’s Relative Strength Index (RSI) has been persistently staying within the bearish zone, reinforcing the negative outlook for Ethereum. Typically, an RSI reading below 50% indicates a lack of upward strength, implying that selling pressure outweighs buying interest in the market. In Ethereum’s case, the sustained positioning in the bearish zone signals that bulls are struggling to gain traction and push the price higher.

Can Ethereum Defend Against The Bears?

Currently, Ethereum’s price is approaching a crucial support level at $3,051, which has become a key point to watch as bearish pressure mounts. This support zone represents a potential floor for Ethereum, and its ability to hold above this level will be pivotal in determining the asset’s next move.

Related Reading: Ethereum Path To $8,000 Milestone Unshaken By Market Fluctuations – Analyst Claims

A successful defense of $3,051 could stabilize the price and spark a rebound toward the $3,360 resistance as it may encourage buyers to step in and halt more declines. However, if Ethereum fails to maintain this support and breaks below it, the bearish momentum might intensify, pushing the price toward lower levels.

Ethereum
ETH trading at $3,227 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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