Ethereum (ETH) is the second largest cryptocurrency by market capitalization. It has recently dropped by 0.45% in price, making it the only top 10 cryptocurrency not making gains in the market. At the moment, it is trading near the local resistance at $1,905. This level plays an important role in the further movements of ETH. If it manages to close above $1,905, there is potential for a breakout, leading to a surge to the $1,920 area. However, ongoing consolidation near the area of $1,860-$1,960 is still the most likely scenario over the next week.
The weekly chart has also faced bearish pressure as the price is below the key resistance of $2,000. The nearest support lies at $1,715, so if the decline continues to this level it could spark a midterm bearish trend. Nevertheless, Ethereum is still trading at $1,901 at the time of writing.
While the downtrend provides a challenging outlook, Ethereum is currently supported by decreasing volumes which suggest that buyers and sellers are absent from the market. In spite of this, it’s still possible that a surge could take place if the market responds favorably to the current resistance. For example, a sudden burst of buying could send ETH up beyond $2,000 and begin a sustained bullrun. This will be an important marker for investors to keep track of over the coming weeks.
Adriana Parker
- 2023-04-29
Ethereum Facing Bearish Pressure?
Ethereum (ETH) is the second largest cryptocurrency by market capitalization and is currently trading near the local resistance at $1,905. Our analysis suggests that the most likely scenario over the next week is consolidation in the area of $1,860-$1,960. Ethereum faces bearish pressure and the nearest support lies at $1,715.
![CandleFocus Ethereum-ETH-Crypto-Market-Prices-Support-Resistance](https://images.candlefocus.com/Ethereum-Facing-Bearish-Pressure.jpg)