Ethereum Struggles at $1,842Is a 171% Surge Still Possible?
- Ethereum struggles at $1,842 after a 2.12% dip, failing to break $2,160 resistance.
- Analyst sees trend reversal potential, projecting ETH to hit $5,000 by April-May.
- Bearish signals persist as RSI weakens, MACD turns negative, and support at $1,523 is critical.
Ethereum has reached a critical juncture, hovering at $1,842.5 after a 2.12% dip in the past 24 hours. The cryptocurrency is struggling to maintain stability after failing to break past the $2,160 resistance level. This rejection has reinforced negative sentiment among traders, raising concerns about further declines.
Analyst CryptoELITES points to Ethereums repeated tests of a long-term ascending trendline as a sign of potential trend reversal. The digital asset recently bottomed at $1,869.21, marking the third time this support level has been tested since the bear market began.
Historically, ETH has shown strong rebounds from this zone, and analysts believe it could mark the beginning of another upward rally. CryptoELITES projects a minimum price of $5,000 by late April or May, which would represent a surge of over 171.37% from current levels if realized.
Bearish Signals Weigh on Ethereums Outlook
Despite the bullish prediction, the immediate outlook remains uncertain. The weak trading volume during the latest recovery attempt suggests a lack of buying interest. A strong breakout typically requires significant participation from bulls, but Ethereums rally failed to gain traction, giving sellers the upper hand once again.
Several technical indicators reinforce the current bearish sentiment. The Relative Strength Index (RSI) has dropped below key thresholds, signaling declining bullish strength. If this downtrend continues, it could further confirm a prolonged bearish phase for Ethereum.
Adding to the pressure, the Moving Average Convergence Divergence (MACD) indicator has turned negative, breaking below its signal line. This crossover suggests that bearish momentum is accelerating, reducing the chances of a swift recovery. When multiple indicators align in this manner, it often points to continued downside movement.
Key Support Levels to Watch
If Ethereum continues to slide, critical support levels could determine its next move. The first key zone to watch is around $1,523. This level has acted as a demand zone in the past, and holding above it could give bulls a chance to regroup. A decisive bounce from this area might signal renewed strength.
However, a break below $1,523 could spell trouble, potentially opening the door for a move toward $902. This lower level aligns with previous price reactions and serves as a psychological benchmark for traders. If ETH falls below $902, selling pressure could intensify further, accelerating losses.
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Read more: https://www.tronweekly.com/ethereum-struggles-at-1843-is-a-171-surge-still-possible/
Text source: TronWeekly
