Technical Analysis – Ether tests key six-week support near…
- ETHUSD struggles near the midpoint of a multi-month range
- Drops below all SMAs, with the 100day now acting as resistance
- Momentum signals point to subdued bias
Ether (ETHUSD) is attempting to defend key support at 2,100 after falling below all four major SMAs, clustered between 2,150 and 2,250. Overall, price action remains subdued near the midpoint of a threemonth consolidation range.
The slide below these averages – along with a break of the shortterm uptrend – leaves the broader range structure intact since early February, while reinforcing downside pressure. This is reflected in momentum indicators, with both the RSI and MACD maintaining a negative bias, despite tentative stabilisation signals suggesting potential fatigue on further declines.
Resistance begins at the 100day SMA, followed by the 20 and 50day SMAs converging near 2,250. A break higher could target the upper range zone around 2,375, which aligns with the 38.2% Fibonacci retracement of the January-February decline and has capped repeated breakout attempts throughout midApril to midMay.
On the downside, a move below the 2,000 psychological level could expose the March 30 low near 1,935, followed by the range floor around 1,850 last tested in late February.
In short, Ether remains under pressure following the recent rejection near the range ceiling, though a stronger recovery may develop if current key support holds and the SMA cluster overhead is decisively cleared.
