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Ethereum recently experienced a period of consolidation within the $2,700.30 to $2,300.70 range. This phase concluded with a breakout in early November 2024, signalling the start of a significant bullish trend. The upward momentum continued strongly, with the price surging past the $3,500.50 supply zone and approaching the $4,000.00 mark.
However, at the $4,000.00 resistance level, the bullish momentum halted as the price formed a double-top pattern—a classic bearish reversal signal. Following this, a sharp decline ensued as Ethereum failed to sustain its upward trajectory. The bearish trend became increasingly evident as the price began to fall rapidly, eventually nearing the $3,050.80 level, a critical support zone, with strong indications of further downward pressure.
ETH Key Levels
Demand Levels: $3050.80, $2700.30, $2300.70
Supply Levels: $3500.50, $4000.00, $4400.00
What are the indicators saying?
The RSI, previously in the overbought region during the bullish phase, began to decline sharply as prices reversed. This downward movement in the RSI points to weakening bullish momentum and a growing likelihood of bearish continuation as it moves toward the oversold region.
Ethereum’s price has dropped below the moving average, a clear bearish signal that indicates a shift in market sentiment. The alignment of the moving average with the declining trend further reinforces the bearish outlook.
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