#Ethereum ($ETH ) is currently at a critical decision point, with bearish momentum intensifying. The cryptocurrency is trading around $2,807, with a 3.56% increase in the last 24 hours. However, technical indicators suggest that the bearish trend may continue .
Key Technical Indicators:
- Relative Strength Index (RSI): Below 30, indicating oversold conditions and potential for a bounce.
- Moving Average Convergence Divergence (MACD): Bearish crossover confirmed, with momentum favoring sellers.
- 50-day Moving Average: Trading significantly below the 200-day Moving Average, a classic bearish alignment .
Support and Resistance Levels:
- Support: $2,600-$2,750, a historically significant zone that could trigger a relief rebound if defended.
- Resistance: $3,200-$3,500, a formidable barrier that Ethereum needs to breach to signal a shift in momentum .
Market Sentiment:
- Institutional Sentiment: Accumulation amid volatility, with U.S. spot ETH ETPs reaching $26.5 billion in assets under management.
- On-chain Metrics: Robust developer activity, increased ETH staking, and positive momentum following recent ETF news.
Future Price Movement:
- Potential Targets: $2,550 and $2,250-$2,620, if bearish momentum persists.
- Bullish Reversal: Requires a reclaim of $3,000 and a close above the 100-day MA to signal a meaningful shift in momentum .
