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Etherium is Struggled to gain momentumThe remaining stuck below significant resistance for more than one year. Despite several attempts, the second largest cryptocurrency by market capitalization has been unable to break through major technical levels since the beginning of this year.
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Etharium price action in the last two weeks More weakness is shownAn interesting analysis of analyst Tony “The Bull” Severino suggests that Cryptocurrency has recently failed to break above a resistance indicator and is now a threat to a more frightening value.
Etharium fails to violate long -term resistance
Tony “The Bull” Saverino, in a technical analysis Shared on Social media platforms X, highlighted the frequent failure of the atherium to overcome major resistance levels. He said that the ethrium has been unable to tag the permanent SAR, despite more than one year of efforts. This indicator, often used to determine the direction of the trend of an asset, indicates that the atherium is closed in a prolonged conflict against resistance on a large downtrend.
The analyst said, “It seems that it sends a message – resistance will not break.”
image From x: Tony “The Bull” Saverino
Connecting failure to break the resistance, Tony Saverino also mentioned in another analysis that atherium has repeatedly faced rejection from quarterly (3M) superstrand dynamic resistance, making the matter more solid that buyers have been unable to achieve control.
image From x: Tony “The Bull” Saverino
A monthly off havoc may occur below $ 2,100
The inability to maintain the major price levels of the atherium has been a major theme in the last six months. Interestingly, this disability was shown further in the last two weeks. After failing to keep above $ 2,800, Cryptocurrency has seen a steady decline, Lose several support areas along the way.
Currently, Etreum is trading below $ 2,200, Diligently pass Important $ 2,100 to break below the threshold. A drop below this level is particularly related, not only because it reflects the loss of another psychological support yet, but because technical indicators suggest that it may have a monthly serious consequences below $ 2,100.
One of the most important warnings signs comes from the quarterly Bollinger band indicator, which has tracked the price action of the atherium since February 2022. According to this indicator, the atherium is built within a defined range, the upper bowlinger band is currently located at $ 4,190 and the lower band $ 2,098. The worrying part is that a monthly closed lower bowlinger below $ 2,100 will effectively translate to break down under the bottom band and remove long support levels.
image From x: Tony “The Bull” Saverino
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At the time of writing, Etreum is trading at $ 2,178, growing by 2.2% in the last 24 hours after the start of $ 2,120 in the last 24 hours. Etherium is a sense Now at its lower level This year. The next few weeks will be important to see if the atherium can recover the lost ground and stop the monthly shutdown below $ 2,100.
Specially displayed image from tech magazine, chart from tradingview
