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ETHUSD overall trend remains bearish as the price approaches a diagonal resistance. Ethereum is approaching the descending trendline resistance near $2,950, which has historically rejected bullish attempts. The market has formed a series of lower highs, confirming the ongoing bearish trend structure. If the price fails to break above the trendline, it could face renewed selling pressure. The major support level at $2150 is the next area of interest if rejection occurs.
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Based on this setup, ETHUSD could see a short-term bounce towards the diagonal resistance before a continuation to the downside. A rejection at the trendline could trigger a deeper drop towards $2,150, with further downside potential towards $1,530 if selling pressure intensifies. Bulls would need to reclaim $3,100 for a meaningful shift in momentum, but the broader trend favors bears unless a very strong breakout occurs.
ETH Key Levels
Supply Levels: $4100, $4870, $5500
Demand Levels: $2150, $1530, $880
What Are the Indicators Saying?
ETHUSD is currently trading around $2,760, with the 9-period SMA (Simple Moving Average) at $2,710 acting as dynamic support. The RSI (Relative Strength Index) stands at 45, indicating weak bullish momentum but still below the 50-level, which suggests that sellers remain in control. The Moving Average is sloping downward, reinforcing the overall bearish trend, while the RSI shows a slight uptick, hinting at a potential short-term rally before further downside.
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