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Ethereum ha he fought to earn a momentumremaining blocked below critical resistance for over a year. Despite the multiple attempts, the second largest cryptocurrency by market capitalization has not been able to break through the key technical levels since the beginning of this year.
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The action of Ethereum prices in the last two weeks showed weakness. An interesting analysis of the analyst Tony “The Bull” Severino shows that the cryptocurrency recently has not managed to break above a resistance indicator and is now at risk of more catastrophic price drop.
Ethereum cannot violate long -term resistance
Tony “The Bull” Severino, in a technical analysis shared The Social Media X platform highlighted Ethereum’s persistent failure in overcoming the main resistance levels. He stressed that Ethereum was not able to tag the quarterly parabolical Sar (three months) despite more than a year of attempts. This indicator, often used to determine the direction of the tendency of a resource, shows that Ethereum is blocked in a prolonged struggle against resistance on a larger trend.
“It seems that you send a message: the resistance will not be broken,” said the analyst.
Image From X: Tony “The Bull” Severino
By adding to the failure to interrupting the resistance, Tony Severino also observed in another analysis that Ethereum repeatedly faced the refusal from the dynamic resistance of the quarterly supertense (3m), further consolidating the case that buyers have not been able to regain control.
Image From X: Tony “The Bull” Severino
A monthly closure below $ 2,100 could be catastrophic
Ethereum’s inability to support the key levels of price has been a dominant theme in the last six months. Interestingly, this inability has been further shown in the last two weeks. After not being able to keep over $ 2,800, the cryptocurrency has seen a constant drop, Lose multiple support areas Along the road.
Currently, Ethereum is exchanged below $ 2,200, dangerously nearby edge Below the crucial threshold of $ 2,100. A drop below this level is particularly worrying, not only because it means loss of another psychological support, but because the technical indicators suggest that a monthly closure below $ 2,100 could have serious consequences.
One of the most significant warning signals comes from the quarterly Bollinger Bands indicator, which has monitored the action of Ethereum prices since February 2022. According to this indicator, Ethereum has remained within a defined interval, with the higher Bollinger band currently positioned at $ 4,190 and the lower band of less than $ 2,098. The worrying part is that a monthly closure below $ 2,100 would actually turn into breaking under the lower Bollinger band and remove a long -standing level of support.
Image From X: Tony “The Bull” Severino
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At the time of writing writing, Ethereum is exchanged at $ 2,178, having earned 2.2% in the last 24 hours after starting the day at $ 2,120. Ethereum’s feeling is now at its lowest level this year. The next few weeks will be fundamental to see if Ethereum can recover the lost soil and prevent a monthly closure below $ 2,100.
First floor image from Tech Magazine, TradingView chart