ETH/USD Bearish Outlook as Price Struggles Below Key Pivot Level

ETH/USD Technical Analysis

Current Outlook: The price of Ethereum (ETH/USD) is trading just below the pivot line at $2,374, showing bearish momentum. The current setup suggests that a downtrend is more likely, with the price failing to break above key resistance levels.

Best Scenario: The downtrend scenario appears to be the best, as the price is trending below the pivot level. If ETH fails to reclaim $2,374, it is likely to continue its downward movement toward a support level of around $2,000 and potentially lower. A significant recovery would require stabilization above $2,374, which is currently less likely given the bearish volume.

Key Levels:

Pivot Point: 2374
Resistance Levels: 2505, 2755, 3018
Support Levels: 2001, 2155, 1787

Expected Range Today: The price is expected to fluctuate between $2,374 and $2,001, with a bias toward further downside.

Overall Trend: The overall trend remains bearish, as long as the price stays below the pivot point at $2,374. If the price manages to break above this level, the trend could shift, but for now, downside pressure dominates.

Previous idea: