Ethereum prices have been on a downward trend for several months, as confirmed by both the price structure and the slope of the 100-period moving average. The latest downward impulse led to a large upward correction, which was halted in the region of the EMA100 average. The price slightly breached the average, followed by a strong supply reaction, confirming that this level currently acts as significant resistance.
Furthermore, according to the Overbalance methodology, as long as the price remains below the upper limit of the 1:1 geometry at 3,544 USD, the baseline scenario remains a continuation of the downtrend. From the perspective of classical technical analysis, the 2,850 USD zone is a key support level. If this level were to be negated, it would open up room for further declines.
ETHEREUM – D1 interval. Source: xStation
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