Ethereum, Uptrend Halted by Bearish Victory... $2,300 Also at Risk of Collapse

▲ Ethereum (ETH)

Investors' tension is escalating as Ethereum (ETH) fails to overcome the strong resistance at $2,400 and faces downward pressure.

According to crypto media outlet NewsBTC on April 17 (local time), Ethereum faced strong selling pressure in the key technical resistance zone of $2,400 despite recent attempts to rebound. While showing a synchronized trend with Bitcoin (BTC)'s price movements, it appears to lack relative upward momentum. Currently, Ethereum's price has given back short-term gains, precariously holding onto the support level around $2,320.

Technical indicators lean towards the possibility of further short-term declines. The Moving Average Convergence Divergence (MACD) is accelerating in the bearish zone, and the Relative Strength Index (RSI) remains below the baseline of 50, indicating weakened buying sentiment in the market. In particular, the strong selling wall formed between $2,380 and $2,400 suggests that a full trend reversal is unlikely until this zone is decisively broken through.

If market selling pressure continues and the $2,300 support level breaks, the price could drop to the $2,250 level. If the downtrend intensifies, a sharp correction to the $2,120 zone cannot be ruled out. Conversely, to resume an upward rally, Ethereum must break through the $2,400 resistance with significant trading volume and successfully settle above $2,450. Experts warned, "A rebound without significant trading volume in the current range carries a high risk of being a temporary phenomenon."

Ethereum's future trajectory is expected to be significantly influenced by changes in overall cryptocurrency market liquidity and Bitcoin's price trend. Investors are closely monitoring for the occurrence of a golden cross in key technical indicators and adopting cautious trading strategies. Unless a large influx of capital or positive ecosystem news emerges, it is highly likely that the price will continue to test support within a narrow trading range for the time being.

Ethereum is currently at a critical juncture between price stabilization and further decline. As the $2,400 resistance proves to be stronger than expected, market participants are focusing on risk management. Whether the buying forces can defend the support and establish a foothold for a rebound will be the key variable determining the short-term direction.

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