The present scenario not at all seems to be in favour of Ethereum as the bearish trend of ETH doesn’t seem to end anytime soon.
Speaking about the present scenario, one can clearly witness the enormous hurdles being faced by Ethereum. This is so because although Ethereum recovered some of the amounts above $290 level against the US Dollar it terribly failed to cross the threshold of $300 and $302. Moreover, no proper close above the $302 level was observed. All these factors ultimately yielded in the decline in Ethereum below the $290 support.
Well, there is no denial in the fact that this debilitating condition of ETH price indeed needs some attention and analysis as to figure out what exactly is going on behind the scenes.
If observed closely it can clearly be seen that the ETH price seems to be facing enormous hurdles near the $295-$296 level. In fact, it’s even finding it difficult to hold gains above the broken trend line as well as $285.
Now in order to move into the positive zone, there is an imperative need for the price to settle above the $302 level plus the 100 hourly SMA.
Therefore it won’t be wrong to presume to that for ETH to make a decent recovery, it’s going to be really crucial for it to break the $296 as well as $300 resistance levels.