The crypto market seems to be in turmoil as the Ethereum price continues to struggle for a straightforward breakout from the $1827 support. Having broken out from its strongest monthly support, the ETH price has entered into a corrective phase. The rebound from the $1827 area confirms the presence of Bulls ready to defend the support. Nevertheless, the failure of follow-up buying pressure indicates the Bears are ready to wrestle control against the Bulls. If the selling pressure persists, Ethereum price may slide 11.5% and penetrate the long-term support of $1600. Further, a bearish crossover signaling, between 20 and 50 Exponential Moving Averages might lend extra strength to the bearish pressure. On the contrary, if the ETH price rallied above $1827 resistance, the Bulls might regain control of the trend, allowing the ETH holders to look at it with a more optimistic perspective.
Matthew Mendoza
- 2023-05-14
Ethereum Struggles in the Crypto Market
Ethereum is having difficulty breaking above the long-term support level of $1827. A bearish crossover between the 20 and 50 Exponential Moving Average could cause the price to slide 11.5%. If the ETH price successfully breaks past this resistance, the Bulls will regain control.
