Ethereum (ETH) price analysis shows ETH is currently trading around the $2,500 level, experiencing consistent downward pressure over the last several weeks. The price opened at $2,533.00 but faced downward pressure and has been hovering near the $2,500 level. This decline is part of a broader bearish trend visible over the past few weeks, where Ethereum has struggled to maintain the momentum above $2,600.
Ethereum (ETH) is currently trading at $2,504.2, reflecting a slight decline of 0.62% over the past 4 hours. The price remains within a narrow range, showing cautious and bearish sentiment. The market has struggled to gain upward momentum, with Ethereum trading below all major exponential moving averages (EMAs), including the 20-day EMA at $2,597.6, the 50-day EMA at $2,793.8, the 100-day EMA at $2,976.3, and the 200-day EMA at $2,985.7. This alignment indicates that both the short-term and long-term trends are firmly bearish.
The Commodity Channel Index (CCI) is currently at 19.03, slightly above the oversold territory. This suggests that while there is some buying interest, it is not strong enough to counter the prevailing bearish trend. Meanwhile, the Chaikin Money Flow (CMF) is at -0.47, indicating that capital outflows continue to outweigh inflows, further reinforcing the bearish market sentiment. The lack of strong buying signals points to a cautious market outlook.
The immediate resistance level for Ethereum is at $2,540. A break above this level could see ETH attempting to reclaim the $2,550 zone. However, a more significant resistance point lies at $2,600. Overcoming and sustaining above $2,600 would be crucial for any potential reversal or at least for halting the current downward momentum.
On the downside, the $2,500 support level is critical. If Ethereum fails to maintain this level, it could quickly descend towards the $2,400 support zone. A break below $2,400 would likely accelerate the downward trend, potentially leading to a more aggressive sell-off.
A popular on-chain analyst at CryptoQuant, SunMoon, has found an important indicator for Ethereum that may signal the start of the next alt season. Ethereum was at $2522 and Realized Price was at $2210. Despite 5 months of downtrend, Ethereum has held above the Realized Price, so this level is acting as support.
This could be a breakout setup, maybe the start of a new bull market. Historically this kind of price action has led to alt season. Ethereum is currently red on both monthly and weekly charts but analysts think it will soon cross 50-day SMA of $2931.99 which will further support the bullish sentiment.
If Ethereum breaks above immediate resistance of $2540 and holds above $2550 it will try to test $2600. A clean break above $2600 will be a reversal signal especially if accompanied by increasing volume. In this bullish scenario, the next target will be 50 days SMA around $2,864.
If Ethereum can’t hold above $2500 it will retest $2400. A break below $2400 will accelerate the selling and may push Ethereum to the next psychological support of around $2200.