Ethereum's (ETH) price dropped below its 20-day EMA and 50-day SMA on October 1, struggling to recover. These levels now pose resistance, signaling potential buyer hesitation at higher prices.
Trading at $2,398, Ethereum's positioning below its moving averages indicates a bearish trend with reduced upward momentum. This resistance challenges Ethereum's ability to rally without increased demand.
The negative Chaikin Money Flow reflects more selling than buying pressure, reinforcing bearish sentiment. This could lead to further price decline unless buying pressure intensifies.
The Parabolic Stop and Reverse (SAR) indicator also supports a bearish outlook, with its dots above Ethereum's price since October 1, suggesting traders might consider selling or exiting long positions.
If selling pressure persists, Ethereum might fall further, potentially reaching $2,062. However, if buying demand rises, Ethereum could break resistance, reaching $2,836.
