According to CoinDesk, Ethereum (ETH) has paused in its sell-off at the rising trend line that has been depicting the uptrend since October. Current resistance is in the $3,180-3,225 range.
According to the chart on TradingView, the bears were unable to break through this bullish trendline, which suggests that they may need to step back a bit and allow prices to rebound before attempting to continue their decline. The native token of the Ethereum blockchain has fallen more than 15% in the past two months from highs near $4,100 to $3,000.
Meanwhile, the CoinDesk 20 Index (CD20), a measure of the broader crypto market, has fallen 17% over the same period. The daily MACD histogram has turned positive, suggesting that bullish momentum is gaining strength again. MACD is widely used to measure the strength and change of trends. Intraday momentum is steadily improving, and the widely followed 50-hour simple moving average (SMA) is once again heading north, providing assurance. Current resistance is located near the 50-day SMA at $3,180, followed by the downtrend line representing the recent correction, currently at $3,225. Ethereum's uptrend line from the October lows remains intact. If the price breaks below this uptrend line, it will mean that the broader uptrend has ended, opening the door for a larger sell-off.