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Ethereum falls away from key resistance levels, but the next move could determine if a rally or further decline is ahead.
Ethereum ($ETH) is currently priced at $1,958.4, showing a significant 6.2% decline over the last 24 hours. The price chart reveals a steep selloff after a brief rally, with Ethereum’s value sharply dropping from over $2,090 earlier in the day. Ethereum’s 24-hour trading volume is $3.41 billion, up 11.25%, suggesting active participation.
Ethereum’s performance metrics paint a picture of a broader downtrend. Over the past 7 days, $ETH has lost 6.2%, with a 40.57% drop in the last 30 days. The most concerning metric is the 51.92% decline over the past 180 days. Despite the recent downward momentum, Ethereum still has a 69.06% gain in the all-time range, which offers some perspective on its longer-term performance. Will Ethereum stabilize, or is a deeper correction coming?
Ethereum Price Prediction
For now, Ethereum remains under pressure with the price moving further away from resistance levels above. Looking at the Exponential Moving Averages, the 50-day EMA is $2,579.64, and the 100-day EMA is $2,887.04, both above the current price level.
This signals a bearish trend, as the price remains well below these key moving averages, reflecting a continued downtrend. These EMAs are acting as dynamic resistance levels, with the 50-day EMA offering immediate resistance if Ethereum attempts to rally.
Immediate support is being tested around the $1,900 level, as Ethereum struggles to maintain higher levels after recent declines. A break below this zone could lead to further downside toward $1,800 or $1,700, where stronger support may reside.
The Average Directional Index reading is 55.43, indicating a strong trend in place, with bearish momentum currently dominating the market. This high ADX level suggests that the current downtrend is likely to continue unless a significant reversal takes place.
Here Are More Case Scenarios
On the commentary end, analyst Ted suggests that Ethereum is currently attempting to break above the $2,100 level, which is a key resistance zone. According to him, if Ethereum successfully surpasses this level, it could trigger a rally toward the $2,350–$2,400 range, where further resistance may emerge. Another roadblock is also traceable on his chart above $2,700.
However, Ted also warns that if $ETH faces a sharp rejection at the $2,100 level, it could lead to a swift downturn. In this case, Ethereum might fall back toward the $1,900 support zone.