$ETH is currently trading around $2,480 after failing to break the $2,738 resistance and the 0.382 Fibonacci level. Indicators like the Stochastic RSI and MACD suggest weakening momentum, with the price testing key support at $2,450. A breakdown below this level could push ETH toward $2,300.
Short-term analysis reveals a descending triangle formation on the 4-hour chart, signaling a potential trend shift. ETH has fallen below its 20-EMA ($2,553) and is hovering near the 50-EMA ($2,450). Bollinger Bands are narrowing, indicating upcoming volatility. The RSI (42.67) and MACD (negative histogram) reflect fading bullish momentum, suggesting further consolidation or correction.
The weekly chart shows a long upper wick, indicating strong resistance near $2,738. If buyers fail to hold $2,450, a drop to $2,300 is likely. Traders are watching for signs of a trend reversal, as past patterns show ETH often struggles when the Stochastic RSI reaches current levels. Profit-taking by recent buyers adds downward pressure. A breakout above resistance could revive bullish momentum, but failure may trigger deeper declines.
