Zoye

05/30 11:36

Ethereum struggles to breach the $2,724 resistanc

Ethereum struggles to breach the $2,724 resistance, with weakening momentum increasing downside risk.

Ethereum (ETH) faces rejection from a key level suggesting increasing downside risks in the near term.

Ethereum shows weakness as it faces rejection from its $2,724 resistance :-

Ethereum price faced rejection around its daily level of $2,724 on Thursday and declined slightly. At the time of writing on Friday, it continues to trade down around $2,600.

Suppose ETH continues its correction and closes below the 200-day Exponential Moving Average (EMA) at $2,455 on a daily basis. ETH could extend the decline to retest its next support level at $2,277, its 50-day EMA.

The RSI on the daily chart reads 64, having been rejected from its overbought level of 70 on Wednesday, 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.

Conversely, 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.

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