$ETH : At a Critical Juncture After Rejection from Key Moving Average
Ethereum is showing short-term strength but remains trapped within a powerful longer-term downtrend. The key takeaways from the chart are:
· Short-Term Bounce: The +2.59% price increase to $2,824** shows buyers are attempting a push off the 24h low. However, the price has been rejected from the **24h high of $2,834, indicating immediate resistance.
· The Major Hurdle: The real story is the heavy overhead supply. Price is trading well below all key Moving Averages, with the **MA(7) at $2,910** acting as the nearest and most critical resistance to beat. The larger MAs (MA(25) at $3,314 and MA(99) at $4,036) illustrate the severe bearish momentum on higher timeframes.
· The Big Picture: The performance data confirms the struggle—down -11.94% over 7 days and a stark -27.03% over 30 days.
Outlook:
The path of least resistance remains down until ETH can reclaim and hold above the$2,910 (MA7) level. A failure here likely leads to a retest of the $2,704 (24h low) support. Watch for a decisive break above $2,835 for any sign of a stronger recovery.
#Ethereum #ETH #TechnicalAnalysis #Crypto
