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Ethereum has I struggle to acquire the momentumStay stuck under the critical resistance for more than a year. Despite multiple attempts, the second largest encrypted currency, according to the market value, was unable to penetrate the main technical levels since the beginning of this year.
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Ethereum prices for the past two weeks Show more weakness. An interesting analysis of analyst Tony “Taur” Sevirino shows that the cryptocurrency has recently failed to break the resistance index and is now vulnerable to the risk of decreasing prices more disastrous.
Ethereum failed to break the long -term resistance
Tony “Taur” Sevirino, in a technical analysis Joint The x social media platform, highlighted the constant ethereum failure to overcome the main resistance levels. He pointed out that Ethereum was unable to mark the quarterly SAR (for a period of three months) despite more than a year of attempts. This indicator, which is often used to determine the direction of the original, explains that ETHEREUM is closed in a long struggle against resistance to a greater drop direction.
The analyst said: “This seems to be sending a message – the resistance will not be broken.”
image From x: Tony “Taur” Sevirino
In addition to failure to break the resistance, Tony Severino also noticed in another analysis that Ethereum has repeatedly confronted rejection of the quarterly dynamic resistance (3M), which increased the consolidation of the issue that buyers were unable to restore control.
image From x: Tony “Taur” Sevirino
A monthly closure can be less than 2100 dollars catastrophic
ETHEREUM’s inability to maintain the main price levels has been a dominant topic in the past six months. Interestingly, this has been offered inability to work in the past two weeks. After failing to seize $ 2800, the cryptocurrency witnessed a steady decrease, Loss of multiple support areas Along the way.
Currently, Ethereum is trading to less than $ 2,200, Seriously involved To break without a decisive threshold $ 2,100. The decline under this level is particularly concerned, not only because it indicates the loss of other psychological support, but because technical indicators indicate that the monthly closure of less than $ 2100 can have severe consequences.
One of the most important warning signs comes from the semester Bollinger Bands index, which follows the ETHEREUM price procedure since February 2022. According to this indicator, ETHEREUM remained within a specific range, where the highest bollinger range has been placed at $ 4,190 and the bottom range at $ 2098. The disturbing part is that a monthly closure is less than $ 2,100 will effectively translate into a lower Bolinger break and remove the long -term support level.
image From x: Tony “Taur” Sevirino
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At the time of writing this report, ETHEREUM is traded at $ 2,178, after gaining 2.2 % in the past 24 hours after starting the day with $ 2,120. Ethereum feelings Now in its lowest level this year. The next few weeks will be very important to see if Ethereum can restore the lost land and prevent a monthly closure of less than 2100 dollars.
Distinctive image from TECH, Chart from TradingView
