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Ethereum has was struggling to growRemaining stuck below the critical resistance for more than a year. Despite multiple attempts, the second largest cryptocurrency by market capitalization has not been able to cross key technical levels since the start of this year.
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Ethereum price action in the past two weeks showed more weakness. An interesting analysis of analyst Tony “The Bull” Severino shows that the cryptocurrency recently failed to surpass an indicator of resistance and is now at risk of more catastrophic price reductions.
Ethereum fails to violate long -term resistance
Tony “The Bull” Severino, in a technical analysis shared on The social media platform X has highlighted Ethereum’s persistent failure to overcome major resistance levels. He stressed that Ethereum could not mark the quarterly parabolic SAR (three months) despite more than a year of attempts. This indicator, often used to determine the direction of the trend of an asset, shows that Ethereum is locked in a prolonged fight against resistance on a larger downward trend.
“It seems to send a message – the resistance will not be broken,” said the analyst.
Picture From X: Tony “The Bull” Severino
Adding to the inability to break the resistance, Tony Severino also noted in another analysis according to which Ethereum has faced the quarterly rejection (3m) SuperTrend Dynamic Resistance several times, soliding the case that buyers could not regain control.
Picture From X: Tony “The Bull” Severino
A monthly fence below $ 2,100 could be catastrophic
Ethereum’s inability to maintain key price levels has been a dominant theme in the past six months. Interestingly, this inability has been shown further in the past two weeks. After failing to maintain more than $ 2,800, cryptocurrency experienced a regular drop, lose several support areas Along the way.
Currently, Ethereum is negotiated below $ 2,200, get closer To break below the crucial threshold of $ 2,100. A drop under this level is particularly worrying, not only because it means the loss of another psychological support, but because the technical indicators suggest that a monthly fence less than $ 2,100 could have serious consequences.
One of the most important warning signs comes from the quarterly indicator of the Bollinger bands, which has followed the action of Ethereum prices since February 2022. According to this indicator, Ethereum has remained in a defined range, the upper Bollinger strip is currently positioned at $ 4,190 and the band less than $ 2,098. The disturbing part is that a monthly fence less than $ 2,100 would actually result in the break under the lower Bollinger strip and the deletion of a long -standing level of support.
Picture From X: Tony “The Bull” Severino
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At the time of writing this document, Ethereum is negotiated at $ 2,178, having won 2.2% in the last 24 hours after the start of the day at $ 2,120. The feeling of Ethereum is Now at its lowest level This year. The next few weeks will be crucial to see if Ethereum can recover the lost ground and prevent a monthly fence less than $ 2,100.
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