Ethereum Begins To Show Bearish Signs As Price Faces Rejection

Ethereum has not been bullish since Bitcoin Halving ended. If anything, it could be starting to send fresh bearish signals across the market. This is evident from the fact that it has lost the major resistance mark of ~$3.200. Once closer to $4,000, Ether is now trading lower than the bottom line of the positive zone.

Analysts believe that its prices are getting rejected, meaning it could be potentially refusing to surge amid the prevailing volatility. Also, it talks about Ether ETF not showing any direction, as opposed to earlier speculations that it could get a green signal in the middle of 2024 or by the end of this year.

Last seen trading below the 100-hourly SMA, it barely recovered from the 23.6% Fib Retracement Level. Hourly charts further underline that the ETH/USD pair is consolidating losses at around $3,190. The present value is lower than that, and hence, worrisome bearish signs are tangible on the trading board.

Highs and lows per the recent interaction within the trading community have been drawn at $3,291 and $3,105, respectively. The first major resistance level has been revised to $3,200, presuming Ether will continue to rise. Despite the lingering uncertainties, the ETH price prediction for the coming year looks promising. The two possible achievements are $4,385 and $5,097, alternatively swinging somewhere in the predefined range.

The first major resistance is closer to the 50% Fib Retracement Level, but a further decline will invite a new low or a test of the existing Fib margin.

More losses could be in the books if ETH goes near $3,030 and touches the mark of $2,850. Not that there will be any difficulty in bouncing back to a new ATH, but it could see traders beginning to wipe off their holdings even if that means letting go of the hope to take profit home. Questions about buying the dip are likely to occur; however, market sentiments do not promote that trend. Eventually, whales and investors may become more active, attracting small investors who are willing to remain in the market for a longer period.

Bearish sentiments have spread across the Bitcoin ecosystem. BTC is rallying at $64,086.79, down by 3.69% in the last 24 hours. ETH is exchanging hands at $3,140.95, slipping by 3.47% during the same time window. It does mark a surge of 4.68% in the last 7 days. At the moment, that does not attract any positives.

Hourly MACD has reinstated a bearish stance. The RSI for the ETH/USD pair is below the 50 level. Major support and resistance levels are at $3,100 and $3,200, respectively. The correction was expected to be limited to the extent that it would not bring a fresh bearish signal to the market.

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