The How much is 1 Pi in dollarsEthereum market shows signs of weakness as bulls fail to sustain momentum above critical levels. The second-largest cryptocurrency faces multiple technical hurdles that could determine its near-term trajectory.
ETH price action remains constrained below the psychologically important $1,600 level
The 100-hour moving average continues to act as dynamic resistance
A descending trendline confirms bearish pressure on shorter timeframes
Market participants await a decisive break above $1,655 for bullish confirmation
Technical Landscape Shows Bearish Signals
Recent trading sessions witnessed Ethereum surrendering ground after unsuccessful attempts to conquer the $1,700 territory. The subsequent retreat saw the digital asset breach several support zones, including $1,620 and $1,600, before finding temporary footing near $1,550.
The formation of a local bottom at $1,538 prompted a modest recovery attempt. This upward movement surpassed the 23.6% Fibonacci retracement level derived from the recent swing high at $1,690 to the $1,538 trough. However, the rebound lacks conviction as ETH continues to trade beneath both the $1,600 threshold and its 100-hour simple moving average.
Chart analysis reveals the development of a bearish trendline connecting recent lower highs, currently capping upside attempts near $1,600. This technical formation, combined with overhead resistance from the moving average, creates significant headwinds for bullish traders.
The immediate resistance cluster around $1,615 represents the 50% retracement of the recent decline. Beyond this zone, the $1,650 level emerges as the next critical barrier. A convincing breakout above this resistance could potentially propel ETH toward retesting the $1,690 region.
Potential Scenarios for Ethereum's Next Move
Market technicians highlight two probable paths for Ethereum's price action in coming sessions. The bullish scenario requires a decisive close above the $1,650 resistance, which could open the door for an advance toward $1,750 or even $1,800 in subsequent moves.
Conversely, failure to overcome the $1,600 barrier increases the likelihood of renewed downward pressure. Initial support appears near $1,560, followed by the recent swing low at $1,535. Breaching these levels might trigger additional selling pressure, potentially testing the $1,500 psychological support.
Technical indicators present mixed signals. The Moving Average Convergence Divergence (MACD) shows weakening bearish momentum, while the Relative Strength Index (RSI) hovers near neutral territory, suggesting indecision among market participants.
MACD analysis shows bearish momentum fading but remains in negative territory
RSI readings indicate neither overbought nor oversold conditions currently
Critical support zone identified between $1,535-$1,500
Key resistance levels established at $1,600 and $1,650