Ethereum, Consecutive Support Line Collapse...Is a Cruel Bear Market Opening?

▲ Ethereum (ETH)

Ethereum (ETH) has repeatedly failed to break through major resistance levels, consecutively losing psychological support levels of $2,350 and $2,300, putting it on the verge of further plummeting.

On April 28 (local time), according to a report by NewsBTC, a specialized virtual asset media outlet, Ethereum has been drawing a sharp downward curve after confirming strong selling pressure at the $2,400 resistance level. Currently trading near $2,280, Ethereum remains below the 100-hour simple moving average, continuing a clear bearish trend. Market analysts predicted that if Ethereum fails to definitively break above the downtrend resistance line formed near $2,320, further price adjustments would be inevitable.

The Moving Average Convergence Divergence (MACD), a technical indicator, is currently increasing its downward momentum in the bearish zone, and the Relative Strength Index (RSI) has fallen below 50, indicating that sellers are dominating the market. On the hourly chart, a strong downtrend line resisting near $2,320 is observed. If Ethereum fails to defend the $2,250 support level, there is a high risk that the price could quickly retreat past $2,200 to $2,120.

For Ethereum to reverse its downtrend, it must first reclaim both the $2,320 level and the 100-hour simple moving average. The first major resistance level is $2,350, and only a breakthrough accompanied by trading volume will provide an opportunity to retest $2,400. The $2,400 level is a strong resistance zone that has thwarted several recent attempts to rise, and a definitive consolidation above this point is expected to be a turning point for a full trend reversal in the future.

The overall market sentiment, weakened by Bitcoin (BTC) slipping below the $77,000 mark, is also weighing on Ethereum. The volatility arising from the decrease in Ethereum open interest and the liquidation of leveraged positions is fueling investor fear. Analysts are closely watching whether key support levels hold to determine if the current correction is merely a price stabilization process or the beginning of a long-term downtrend.

Ethereum is currently engaged in a tense tug-of-war between downward pressure and support defense, searching for direction. The longer the sideways movement below $2,300 persists, the deeper market concerns about further declines are likely to become. Participants in the virtual asset market are focusing on risk management, preparing for price volatility stemming from the U.S. Federal Reserve's monetary policy direction and macroeconomic indicator announcements.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*