Ethereum’s (ETH) price has struggled to breach the $2,681 resistance level, a barrier that has been in place for weeks. Despite repeated attempts to rise beyond this level, the cryptocurrency has faced stiff rejection, resulting in a drop that has increased short-term losses for investors.
The most recent failed breach led to a sharp uptick in investor losses, signaling the difficulty Ethereum is having in maintaining bullish momentum.
Over the last 24 hours, relative unrealized losses rose by 14%, reflecting the broader market’s struggle to generate meaningful upward movement. Weak institutional flows are adding to this concern, further dampening investor sentiment and leaving Ethereum in a precarious position.
The Chaikin Money Flow (CMF), a key technical indicator, recently hit a three-and-a-half-month high. This shows that some accumulation is still occurring, even as the market struggles to break free from bearish trends.
Ethereum’s price is currently trading at $2,614, holding above the $2,546 support. However, the $2,681 resistance has remained a roadblock for the past five weeks. Given the current market conditions, Ethereum is likely to continue its sideways movement.
A decisive break above or below this range remains uncertain. The bearish-neutral outlook for Ethereum can only be invalidated if the cryptocurrency flips $2,681 into a support floor.
