Ethereum (ETH) price is struggling to break above the $2,681 resistance level, a barrier that has been in place for weeks. Despite repeated attempts to break above this level, the cryptocurrency has faced severe rejections, resulting in a drop that has increased short-term losses for investors.
The latest attempt to break above resistance led to a sharp increase in investor losses, signaling the difficulty Ethereum faces in maintaining bullish momentum.
Ethereum finds no support
The lack of sustained bullish momentum is raising concerns among Ethereum investors. Over the past 24 hours, for example, relative unrealized losses have increased by 14%, reflecting the broader market’s struggle to generate significant upward movement.
Weak institutional flows are adding to this concern, further dampening investor sentiment and leaving Ethereum in a precarious position.
Read more: Ethereum ETFs – Understand what they are and how they work
Ethereum holders are increasingly wary of potential downside risks as the broader market falters. While ETH has shown resilience in holding certain support levels, the ongoing struggle to break above $2,681 has eroded confidence.
This has resulted in increased caution as short-term losses continue to mount and market uncertainty persists.
Ethereum Realized Losses. Source: Glassnode
Despite the general pessimism in the macro market, some Ethereum holders remain optimistic. The Chaikin Money Flow (CMF), a key technical indicator, recently hit a three-and-a-half-month high, returning to levels seen in June. This shows that some accumulation is still occurring even as the market struggles to break free from bearish trends.
These mixed signals, with the CMF showing strength while broader market sentiment weakens, could keep Ethereum afloat in the short term. While bearish macro conditions persist, the resilience demonstrated by Ethereum holders suggests a sudden drop is unlikely, although upside potential remains limited unless a significant catalyst emerges.
CMF do Ethereum. Fonte: TradingView
ETH Price Prediction
Ethereum price is trading at $2,614, holding above the $2,546 support. However, the $2,681 resistance remains a hurdle for the past five weeks. Ethereum’s price action has been capped by these levels, leaving the cryptocurrency in a state of consolidation.
Given the current market conditions, Ethereum is likely to continue its sideways movement. The uncertainty surrounding the broader crypto market, coupled with weak institutional interest, suggests that ETH will remain stuck between $2,681 and $2,546 for the foreseeable future.
Ethereum Price Analysis. Source: TradingView
A decisive break above or below this range remains uncertain.
The bearish-neutral outlook for Ethereum can only be invalidated if the cryptocurrency turns $2,681 into a support floor. If the cryptocurrency bounces off this level, it could generate enough momentum to move towards $2,930.
However, failure to do so could result in Ethereum crashing again, as it has done several times before when facing this resistance.
The article Ethereum’s Rise Is Uncertain After 14% Jump appeared first on BeInCrypto Brasil.
