$ETH
🚨Ethereum could decline if it faces rejection near the $2,700 resistance🚨
Ethereum price retested and found support around its 200-day Exponential Moving Average (EMA) at $2,451 on Sunday, and it recovered 5% by Tuesday. At the time of writing on Wednesday, it trades at around $2,640, nearing its key resistance level at $2,724.
If ETH faces rejection from its daily level at $2,724 and closes below its 200-day EMA, it could extend the decline to retest its next support level at $2,247, its 50-day EMA.
The RSI on the daily chart reads 66, having been rejected from its overbought level of 70, and is pointing downward, indicating a fading bullish momentum. The MACD indicator also displayed a bearish crossover, further underscoring the weakness in momentum and indicating a potential downward trend.
On the other hand, if ETH breaks and closes above its $2,724 resistance on a daily basis, it could extend the rally to retest its psychologically important level at $3,000.