Currently, Ethereum is displaying signs of weakness despite an increase in trading volume. Though there has been a minor rise in price, technical signals suggest possible downturns. The Super Trend indicator identifies bearish trends with a resistance level of $2,740, making upward progression difficult without new market demand.
The MACD indicator also supports this bearish outlook, with its line below both the signal and zero lines. This indicates weakening momentum, suggesting traders might prefer selling over buying.
If demand falters, Ethereum's price could fall to its August low of $2,112. Conversely, new demand might lead to testing higher resistance levels at $2,508 and $2,740. Surpassing these resistance points with strong momentum could potentially push Ethereum's price further up to $2,869.
