• Ethereum price shows bulls attempting to assault a resistance cluster that will likely dictate the future direction of ETH for the remainder of the month.
  • Bulls struggle to break higher as sellers consistently reject moves above the resistance cluster.
  • Rejection higher could push ETH below the $2,000 value area.

Ethereum price is trading against several resistance levels near the $2.700 level. Buyers kept ETH above those levels for most of the New York session, but selling pressure resumed as the normal trade day ended, and a ‘sell the rally’ environment took over.

Ethereum price must close at $2,800 before testing its final resistance at $3,200

Ethereum price is up against a major decision point. The lower trendline of a prior bull flag (represented as a linear regression channel), the Tenkan-Sen, and Kijun-Sen share the $2,700 value area. $2,700 is the current roadblock preventing buyers from instituting a new rally for Ethereum.

For bears to remain in control of Ethereum price, they need to keep ETH from a daily close below the resistance cluster at $2,700. Doing so would give bears the confirmation signal required to begin a new round of selling and push ETH down to the $1,800 price level.

ETH/USD Daily Ichimoku Kinko Hyo Chart

For bulls to take over, a close above $2,900 would likely confirm the beginning of a new bullish momentum swing, pushing Ethereum price back inside the Ichimoku Cloud and terminating much of the strength that sellers currently have.

Ultimately, for bulls, they’ll need to challenge the top of the bull flag and a high volume node in the volume profile at the $3,200 value area.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves.

More Bitcoin News

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic (ETC) saw the headwinds that triggered the massive sell-off of 2022 fade a bit to the background in the first weeks of 2023. That resulted in bulls returning to life after a hibernation of almost five consecutive straight months.

More Ethereum Classic News

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple, the cross-border remittance giant is likely to win its legal battle against US financial regulator, the Securities and Exchange Commission (SEC) according to crypto proponent John Deaton.

More Ripple News

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

Shiba Inu holders who acquired SHIB more than 11 months ago are holding onto their tokens. These holders have refrained from selling their SHIB holdings since December 2021.

More Shiba Inu News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP