After reaching all-time highs near $2,150, Ethereum (ETH) has been struggling to sustain its price, leading many to question whether the token will keep its upward trend or sink further. The outlook for ETH seems to be slightly bearish in the long-term due to the recent price actions and there are several corresponding factors that support this notion. To begin with, last April, ETH was able to break through the aforementioned resistance at $1,950 yet was not able to maintain these heights and crashed soon after. This deviation from the resistance area is indicative of sellers dominating, pushing the price below it.

Unlike this, there are also positive signs that seem to point towards a bullish trend. The weekly Relative Strengths Index (RSI) gives us insight into this, with readings above 50 and an upward trajectory, suggesting that bulls have the upper hand. Additionally, the general trend of the ETH price suggests that the current movement could be the start of a larger corrective structure, with waves A and C reasonably close to 1:1 ratio.

The next area of support to watch out for is around $1,670, with further resistance expected at $2,530. If the Ethereum price can manage to break the channel's support line, then it may signify that further upside is likely, and the token may even edge closer to its previous resistance at $1,950.

It is difficult to accurately predict where Ethereum will go from here but understanding the intricacies and signals presented by the technical analysis can help to provide a more informed outlook. Taking into account the numerous factors suggesting potential short-term bearishness, it seems unlikely that ETH will return to its all-time highs near $2,150 in the near future.



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