Ethereum Faces $3,060 Resistance, Short-Term Downside Risk Intensifies
- Price Resistance Analysis: Ethereum faces resistance around the $3,060 mark, currently trading near $2,958 with a daily loss exceeding 3%, indicating strong selling pressure at this level, which could lead to further declines in the short term.
- Head and Shoulders Formation: The 4-hour chart reveals Ethereum is forming a head and shoulders pattern, and a break below the neckline support between $2,950 and $2,900 would confirm this pattern and increase selling pressure, potentially targeting a price move towards $2,400.
- Support Zone Attention: Daily price action shows Ethereum failing to reclaim the $3,000 level, with analysts noting that if it does not recover soon, it could drop towards the $2,700 to $2,800 support zone, which previously acted as a strong demand area that may attract buyers again.
- Long-Term Structure Stability: Despite Ethereum's sideways movement on the weekly chart, the $2,100 to $2,350 support zone remains crucial for maintaining the long-term trend, as a drop below this range would signal further weakness, while staying above it helps sustain price stability.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH) As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 734.244 | 1241.022 | 1701.084 | 2207.862 | 2667.924 | 3174.702 | 3634.764 |
| Fibonacci | 1241.022 | 1610.355 | 1838.529 | 2207.862 | 2577.195 | 2805.369 | 3174.702 |
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