Ethereum’s price is holding steady after successfully retesting the crucial $2,100 resistance level, but breaking past the $2,150 barrier remains uncertain. Investor sentiment is cautious, with Ether ETFs experiencing a 13-day streak of outflows totaling over $403.64 million. This reflects strong selling pressure outweighing buying interest. While the Relative Strength Index (RSI) signals bullish momentum on the 1-hour chart, the 14-day EMA shows a bearish convergence near the overbought zone, suggesting increased volatility for Ethereum in the short term.
At the time of writing, ETH was trading at $2,044.
ETH has been trading in a downtrend, forming a ‘Descending Channel’ pattern. The asset broke below the pattern, making a low of $1,754. ETH found support at the key level of $1,750 and has staged a relief rally up to $2,104. The major hurdle for the bulls remains the key resistance level of $2,150. If the price breaks, closes, and sustains above this level, we can expect a further rally up to $2,500.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $1,750 | $1,500 | ETH | $2,150 | $2,550 |
Unravel everything that you need for your crypto journey via ZebPay blogs. Get started today and join 6 million+ registered users on ZebPay!
